Union and district officials did not release any other details in their joint announcement Tuesday. Officials say they will wait until union leadership discusses the proposed settlement with its members.
Philadelphia Federation of Teachers president Jerry Jordan says the contract covers 17,000 employees. Union members are scheduled to vote on the deal Thursday.
The union's previous contract had expired in August 2008, but teachers continued to work under five extensions.
Philadelphia has more than 161,000 students in district schools and another 33,000 in charter schools.
