According to Yahoo! sports, the National Basketball Association and National Basketball Players Association are closing in on a new collective bargaining agreement after meetings on Wednesday in New York.

The report from Adrian Wojnarowski quotes sources as saying that the owners and players have agreed on most major issues and a new deal is inevitable within weeks.

The deal will need to be ratified by the players, and will avoid a potential work stoppage in 2017.

The NBA and its players' union can opt out of their current 10-year deal on Dec. 15, 2016, but it's expected that the new deal will be in place by that point.

According to Yahoo!, the league will keep its rule on players being able to enter the NBA Draft after one year of college experience. The split of Basketball-related income between owners and players will remain the same, and the value of rookie-scale, veteran minimum and free-agent exception deals will all be raised.