A faculty strike appears to have been averted at the University of Winnipeg, as a tentative deal has been reached.

The agreement was reached between administration and the University of Winnipeg Faculty Association following three days of mediation, university officials announced on Sunday.

Jeremy Read, the university's senior executive officer and adviser to the president, said the two sides spent hours hammering out the deal this weekend.

"Achieving this kind of agreement is a significant achievement, and we're certainly grateful to our bargaining teams for arriving at a tentative deal," Read told CBC News.

"Negotiations of this kind make for long and difficult work, and I think both sides need to be commended for their commitment to that process."

Neither the university nor the union disclosed details of the three-year collective agreement, saying they won't comment on the deal until it has been ratified.

A faculty association spokesperson told CBC News the tentative agreement will be presented to members this week, and ratification details are pending.

The association has said salary increases for professors was a priority in negotiations.

Last week, the union's members voted 92 per cent in favour of strike action. A deadline had been set for Feb. 24.