According to The Daily Telegraph, the deal will mean the players will receive an equal share of commercial revenue with their male-team colleagues - a rise from 30 per cent to 40 per cent.
Depending on how the money is distributed, senior team members could earn as much as their male counterparts during a calendar year.
Under the new arrangement, the Matildas will also have more funds available for travel and training resources.
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"For us as females, it's always good when you're appreciated and they show the support," Matildas defender Alanna Kennedy told News Corp Australia.
"We're hoping (it's finalised) by the end of the week. If we were to get it across the line it's exciting and a huge step forward for us."
The PFA and FFA are yet to comment although they have confirmed that talks have been ongoing for months.
Another win for women in sport 👏
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