PENRITH, AUSTRALIA - JUNE 30: Panthers players look dejected during the round 16 NRL match between the Penrith Panthers and the Manly Sea Eagles at Panthers Stadium on June 30, 2018 in Penrith, Australia. (Photo by Tony Feder/Getty Images)

The entire NRL playing fraternity is set to forfeit nearly $20 million across the next two seasons, according to The Sydney Morning Herald's Christian Nicolussi.

With the six-month standoff between parties close to ceasing, Nicolussi has reported that NRL chief executive Andrew Abdo notified clubs last Sunday that an agreement with the Rugby League Player's Association was imminent.

Nicolussi believes an official agreement with be finalised by the beginning of next week.

The negotiations between representative bodies commenced after the players agreed upon the necessity of said pay cuts due to the financial decimation of COVID-19.

According to Nicolussi, the RLPA opened negotiations with the proposal of a 2.5 per cent reduction, following players forgoing 48 per cent of their wages for the final five months of the season and 20 percent for the full 12 months.

League bosses countered with a 10 per cent cull that was rebuked, before offering a 7.5 per cent chop that was again rejected by the player's union.

Nicolussi explained that sources privy to the back and forth negotiations believe that the finalised reduction is likely to close between six and seven per cent.

The impending agreement comes after it was reported each of the sixteen clubs has paid their playing rosters in full for the month of November, with the this set to repeat for December.

Player salaries are understood to have previously sat around the $320 million mark, but with a six or seven per cent cut, $19 and $22 million respectively will be removed.

After Origin representatives took a one third pay cut this season - down from $30,000 per game to $10,000 - the RLPA is aware that retirement, injury and hardship funds have already been affected.

Future Origin and World Cup representatives are also likely to have their wages slashed as well. However, no agreement on this matter has been reached as of yet.

It isn't just the players that have voluntarily lightened their pockets, with Nicolussi reporting that the NRL has cut nearly $50 million from their budget.

With the aforementioned agreement imminent, clubs soon will be able to begin planning for 2022 and beyond.

ARL commissioner Peter V'Landys has also previously stated that playing rosters will remain at 30 to fairly spread the impending wage dip across the league.

"We're there for all players, not just a few. There is 30 and we will continue it at 30", V'Landys explained on Channel 9 earlier in the year.

"There will be a small reduction in the salary cap. I think our reduction will be the least of any sport. As a boy from Wollongong, I'll be looking after all of them. I take pride in looking after the battler.''