The Premier League is confident the so-called ‘New Deal For Football’ can be agreed with the EFL and the Football Association before the end of the season.

The football authorities have been meeting regularly since November last year to discuss a new financial distribution model, enhanced cost control measures, player development and calendar issues, after a mandate was provided to the league by top-flight clubs.

The Government will publish a new White Paper on Thursday confirming its intention to give “targeted powers” to a newly-created independent regulator, allowing it to intervene if the bodies cannot reach agreement on the flow of funds down the pyramid.

However, the Premier League is understood to be optimistic that the ‘New Deal’ discussions will reach a positive conclusion without the need for the regulator to be involved.

It has been encouraged by EFL chairman Rick Parry’s comments on Monday that his organisation is keen to come to a football-led solution, even though he had called for the regulator to be given backstop powers.

Even though the top flight still believes Parry’s call for a 25 per cent share of pooled broadcast revenues is too much, the concept of net media revenue being the model for distribution is not off the table.

The EFL is seeking the introduction of a new merit-based payment system in the Premier League and the Championship where the team at the top of each league earns twice as much as the team finishing bottom of that same league, and the abolition of parachute payments.

The Premier League’s current merit payment model sees the league’s top club earn 1.65 times more than the bottom club, which it feels is a key factor in helping to keep the league competitive.

Within the ‘New Deal’ discussions, the FA is understood to be pushing for greater funding for grassroots football, and will be keen to see the detail within the White Paper regarding financial flow down the pyramid.

On the calendar, the discussions will look at the future format of the Carabao Cup, and also the possibility of scrapping FA Cup replays.