The Université de Moncton and the union representing administrative and support staff have reached what the university is calling an "agreement in principle."
In a statement posted late Saturday afternoon, the university said the tentative agreement should put an end to months of labour uncertainty.
"This stability enables us to ensure a quality student experience, and is in line with our strategy of providing a healthy, stimulating and caring environment for the entire university community," university president Denis Prud'homme said in the statement.
Joël Michaud, the union's chief negotiator, told CBC News that ratification of the new agreement could come as early as Sunday or Monday.
The two sides have been in negotiations since December.
The agreement comes after the union voted 98 per cent to authorize a strike on Aug. 18.
Talks continued until Friday when negotiations broke down, with the university issuing a statement that a strike was likely Monday.
But both sides agreed to come back to the table Saturday afternoon, though this time without the help of a mediator, according to a spokesperson for the university. An agreement was reached less than two hours later.
Classes resume for students on Sept. 5.