Management is likely to submit the proposal to the US&O excutive board for ratification early next week.
Musicians' union lawyer Joe Hatch told The Salt Lake Tribune that the agreement includes good changes on working conditions and a raise that's "good enough for one year, but not a great one."
The musicians, whose previous contract expired August 31, recently turned down an offer management termed as its "last, best and final."
The US&O opens its new season tonight, performing Holst's The Planets and Beethoven's Concerto No. 5 with soloist André Watts.