Details of the agreement were not immediately available. It must now be ratified by the orchestra's board and the membership of the musicians' union. The approval of both sides is expected today, the mayor said.
Street re-entered talks yesterday after a preliminary deal that he brokered last week failed to materialize. He met with both sides from 6 p.m. last night until 5:30 a.m. this morning, according to the Philadelphia Inquirier.
"We have reached a new fair, affordable, and progressive agreement that serves the mutual interests of our musicians, the orchestra, and our community," orchestra chairman Richard L. Smoot said in a statement.
"We are extremely grateful to Mayor Street and [city commerce director] Stephanie Naidoff for all they have done," said cellist John Koen, who represented the musicians. "There's no way our two sides could have come to an agreement without their incredible efforts and insights."
Musicians have been performing under the terms of their previous contract, which originally expired on September 20 but which has been extended twice.