The two most powerful men in football hailed "an historic day" for the sport after sealing a broad deal with the European Commission over changes to the transfer system.
FIFA president Sepp Blatter and UEFA counterpart Lennart Johansson worked out the basis for the future of the game after meeting three EC commissioners in Brussels.
The talks are the first broad agreement on all issues by the EC and the football bodies and Blatter said afterwards: "I am sure that this was an historic day today.
"There is now a full agreement by FIFA and UEFA that we are near to a solution which will be beneficial to the whole world of football."
The presidents met commissioners Mario Monti, Viviane Reding and Anna Diamantopoulou, after which a joint statement was released.
This read: "At a meeting today, at the highest level, the EC, FIFA and UEFA firmly cemented an agreement on a significant number of issues related to the FIFA rules on the international transfers of footballers."
Issues newly agreed include that players' contracts be a minimum of one year and maximum of five years.
The other significant development is an acceptance by the EC that there is a need for "stability of contracts". This is being seen as a victory by FIFA and UEFA who have argued that allowing players to walk out on contracts at three months' notice would destabilise the whole game.
It also represents an acceptance by the football world that players of all ages should have greater freedom of movement within Europe.
Friday's 'technical meeting' between all parties involved in the talks, also in Brussels, now takes on huge significance with negotiators having a clear mandate to find acceptable compromises. PA