Bargaining teams had met on 82 occasions during the past year, but it took marathon talks over 10 days in New York to hammer out a deal and end the lockout, which has lasted 301 days.
Details of the agreement will not to be made public until after it is ratified by the players and the NHL Board of Governors, likely within a week.
But, Canadian broadcaster The Sports Network reported the deal includes:
A team-by-team salary cap with a payroll range of $21-$39million that includes all player costs;
Total league player costs will not exceed 54 per cent of revenue;
A 24 per cent salary rollback on existing player contracts;
Revamped salary arbitration and improved pension benefits.
