The two sides actually reached the agreement late Thursday afternoon, the announcement said.
The Philharmonic board's first opportunity to vote on the proposed contract will be during its Dec. 3 meeting, said J.L. Nave III, orchestra president and CEO. Musicians will vote on the contract within the next two weeks, the announcement said.
Both sides will continue operating under the terms of the previous four-year contract, which expired Aug. 16, until a new contract is finalized, the announcement said.
During some of the previous negotiations, musicians said they offered to take a 12 percent pay cut temporarily and to help the orchestra with fundraising to get it back on a solid financial foundation.
As of early last month, the Philharmonic had an accumulated financial deficit of $2.3 million.
The orchestra had sought about a 20 percent cut in musicians' pay and for musicians to pay more than $3,000 a year for family health benefits.