Premier League clubs have unanimously agreed for a new funding proposal to be put to the EFL.
The Premier League announced on Thursday that a "long-term" proposal, to start in the coming season, would now be offered to the EFL for discussion among its clubs.
The news marks a major breakthrough in the so-called 'New Deal' discussions which came to a halt in 2024.
The Premier League did not confirm any details of the proposal, but Sky News has previously reported that it covers a 10-year period, includes an increase in the transfer levy, and that contributions will be proportionate to a club's earnings.
The chairs and chief executives of the Premier League and the EFL were understood to have met on Tuesday, with the chair and chief executive of the Independent Football Regulator (IFR) also in attendance.
IFR chair David Kogan called on the leagues to swiftly agree a new financial settlement back in February, with the regulator possessing backstop powers to impose a solution if the leagues could not agree one.
An EFL spokesperson said: "The EFL notes the Premier League's position following its meeting with clubs earlier today, and now looks forward to receiving its formal proposal for consideration.
"This follows constructive discussions involving the EFL, Premier League and Independent Football Regulator over recent months.
"The EFL Board will then review the full detail of the proposal, including its potential benefits, implications and alignment with the long-term interests of our 72 clubs, ahead of further dialogue with the Premier League.
"The proposal will then be discussed in detail with our member clubs to determine next steps. No further comment will be made at this time."
The IFR declined to comment.
