It should pave the way for NHL participation at the Winter Olympic Games in Turin.
Czech news agency CTK has reported that the agreement had been reached over a minimum payment of $200,000 for a player leaving the country's domestic league.
Earlier this month, Czech and Russian professional teams rejected part of the NHL's recently signed Collective Bargaining Agreement (CBA), saying they wanted higher fees for player transfers than the flat $150,000 initially proposed.
Russia is reportedly still holding out for terms with the NHL that will allow negotiations for players on a case-by-case basis.
About 29 per cent of NHL players are European, and the IIHF reports that over the three years of the last deal, 194 European players signed with NHL clubs and 41 were Russian.
Under the transfer deal, the NHL will pay about $9 million annually for about 45 player transfers.
