The Professional Tennis Players' Association (PTPA) and Tennis Australia (TA) say they are likely to reach a settlement in the "near future" in relation to the lawsuit filed against multiple governing bodies.

Earlier this year, the PTPA - co-founded by Novak Djokovic in 2020 with a goal of increasing player power - began legal action against the men's and women's tours, citing "anti-competitive practices and a blatant disregard for player welfare".

In September, the four Grand Slams were added to the lawsuit.

A letter filed to the United States Southern District Court in New York says the PTPA and TA - which organises the Australian Open - are engaged in "substantive and productive bilateral settlement discussions".

It asks Judge Margaret Garnett to stay proceedings against TA while a legal agreement is finalised.

But the letter also makes clear the request does not apply to the other defendants - the ATP Tour and the WTA Tour, as well as the French Tennis Federation, the All England Club and the US Tennis Association, which organise the French Open, Wimbledon and the US Open respectively.

The 163-page lawsuit lodged in New York in March seeks to end the "monopolistic control" of the two tours. The PTPA believes they act as a "cartel" by forming agreements with tournaments that cap prize money and prevent potential competitors from entering the market.

The case also takes aim at an "unsustainable" schedule and the ranking system.

There is now the genuine possibility of TA and the PTPA reaching a final agreement before the Australian Open gets underway in January.

Whether TA will offer firm commitments around prize money or scheduling has not been divulged, but an agreement could strengthen the PTPA's hand with the other Grand Slams.

The New York case could ultimately result in a jury trial. Separate complaints have been lodged with the European Commission and the UK's Competition and Markets Authority, but the PTPA has previously admitted an out-of-court settlement is a goal.

"The goal is not to litigate this to the end," the PTPA's executive director, Ahmad Nassar, told BBC Sport in March.

"We are absolutely prepared to do that, but that's not what we actually need or want.

"What we want is to get everybody to the table to reform the sport the way that many of them have already spoken about."

The New York judge is currently considering a motion filed by the ATP and WTA to dismiss the antitrust lawsuit.

The ATP said in March it "strongly rejects the premise of the PTPA's claims" and described the case as "entirely without merit".

The WTA referred to a "baseless legal case which will divert time, attention and resources from our core mission to the detriment of our players and the sport as a whole".

The International Tennis Federation and the International Tennis Integrity Agency were originally listed as defendants, but were removed from the lawsuit in September.