The South African sides Cheetahs and Southern Kings will join the league after losing their Super Rugby status.
There are claims that the six-year deal will bring in 6 million pounds per season from the South African Rugby Union and additional television income.
All elements of the deal are said to have been agreed and, once legally ratified, should be formally announced next week.
The new PRO14 league will kick-off in the first week of September and will comprise two conferences of seven teams. Each conference will have one Scottish side, one South African side, one Italian side and two each from Wales and Ireland.