It seems there might be a Santa Claus after all.
If all goes well, the season will kick off on Christmas Day.
"We have reached a tentative understanding," NBA commissioner David Stern confirmed during a press conference at 3:30 a.m. that followed a 15-hour negotiating session in Manhattan. "We're optimistic that the NBA season will come to pass on Dec. 25, Christmas Day, with a triple-header."
Players will vote on the tentative agreement on Saturday or Sunday, explains Yahoo Sports.
But fans might want to hold off with the celebration. Some players told Yahoo Sports they plan to vote against the labor deal.
While either side will be able to end the 10-year contract after six years, the New York Times notes it is overwhelmingly in favor of the owners and will include a pay-cut for players, shorter contracts and smaller raises.
With the second NBA lockout in history seemingly coming to an end, check out how the players reacted to the news on Twitter below.