United Auto Workers and Fiat Chrysler Automobiles reached a tentative agreement on a new contract on Thursday ahead of their midnight strike deadline in Detroit, reported The New York Times.

"We've reached a proposed tentative agreement that I believe addresses our members' principal concerns about their jobs and their futures. We have made real gains and I look forward to a full discussion of the terms with out membership," the union's president, Dennis Williams, said in a statement. 

According to the Wall Street Journal, the deal avoided a possible strike against Fiat Chrysler. Provided a vote of 40,000 union members, the proposed tentative agreement will be approved.

"A vote of the UAW FCA membership will decide whether or not the deal is finalized," Williams' stated.

If the union members accept the proposed agreement, then UAW will publicize details of the deal on Friday.

Management at Fiat Chrysler confirmed a deal had been reached, but did not comment on it, CNN Money noted.