The officers' current contract expires Thursday.
The Los Angeles Police Protective League did not reveal the exact terms of the agreement, except to say that neither side got everything they wanted. However, the union said they believe the contract is fair and reflects the current budget issues faced by the city.
Union president Paul Weber said he wouldn't disclose details of the agreement until it had been presented to members at ratification sessions.
Under the proposed contract, about 9,900 rank-and-file officers would skip a pay increase for the fiscal year that begins July 1 and then get incremental raises over two years, according to a summary obtained by the Los Angeles Times.
The tentative agreement also would relax the rules governing overtime work, raising the overtime cap to 600 hours and making it easier for LAPD officials to run the department during the budget crunch.
Also, the city had been seeking at least $41 million in concessions from the union including possibly requiring officers to contribute part of their salaries toward retirement and health care.
Under the proposed contract, the city would pay $1,060 monthly to offset health care costs. That subsidy would rise about 5 percent each year.
The Associated Press contributed to this report.