The players had demanded 20 percent of the participation fees which Sri Lanka Cricket would not sanction.
The players were due to sign their central contracts by March 1 but the impasse dragged on for nearly two months.
A three-member committee appointed by Sri Lanka Cricket comprising treasurer Nuski Mohamed, CEO Ashley de Silva and chief selector Sanath Jayasuriya held talks with Sri Lanka captain Angelo Mathews on Tuesday.
"After discussions, the committee in consultation with the office bearers of the SLC's Executive Committee, offered 10 percent of the participation fee from the ICC (International Cricket Council) and ACC events to the players which will be applied for the next five years and will be non-negotiable," said an SLC statement.
"The above offer was accepted by the players and they have agreed to sign the annual contracts in due course."
Sri Lanka travel to England early next month to play two tests, five one-dayers and a T20 international.
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