Hi there!
As stated in the previous post, a mass does not always mean a tumour. It could be anything arising from the connective tissue such as bursa, muscle, tendons, fat cells, stroma etc. In such situations it is best to discuss this with the radiologist about this view on the origin and the likelihood of the mass. In case the radiologist is unsure and the mass shows signs of increased growth or malignancy, it may be biopsied by your orthopedician. Worrying, without knowing the exact cause is not necessary.
Hope this was useful.
Take care!
Ovoid just means oval shaped. Was your MRI done after an injury or because of pain? The soft tissue could be scar tissue or a cyst if after injury or painful. Have you had your consultation with the doctor that ordered the MRI? If they cannot tell you what the soft tissue is, then yes, then I would ask them about a biopsy. But don't scare yourself! Masses in the knee are often benign. Just make sure and follow up with your doctor.