Cricket Australia say that the in-principle agreement was signed after a final round of face-to-face negotiations between Cricket Australia Chief Executive James Sutherland and his Australian Cricket Association counterpart Alistair Nicholson in Melbourne this morning.
The two will hold a press conference at 4:30pm on Thursday to explain the details of the new five-year Memorandum of Understanding.
The dispute has left roughly 230 players unemployed since June 30, after the previous MOU expired.
Cricket Australia had desired to move away from the revenue-sharing model that has been in place for around two decades, which the players wanted to keep in place.
It has been reported the new deal does contain a modified revenue-sharing model, one with more flexibility that Cricket Australia has agreed on.
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