With the season starting on Friday when the Chicago Fire take on the Los Angeles Galaxy, the agreement has come just in time.
MLS commissioner Don Garber was happy an agreement was finally reached.
"We are pleased to finalise the framework for a new collective bargaining agreement with our players,” he said in a statement.
"We now enter our 20th season with enormous momentum with our new television partnerships, dynamic star players from the US, Canada and abroad, and two new expansion teams in New York City and Orlando that will debut in front of more than 60,000 fans on Sunday in the Citrus Bowl.
"This agreement will provide a platform for our players, ownership and management to work together to help build Major League Soccer into one of the great soccer leagues in the world."
MLS players union executive director Bob Foose said he was happy the focus was back on the players and teams.
"We are pleased to announce that we have reached a new collective bargaining agreement with the league,” he said.
"We are pleased to finally turn our fans attention back to our players and the competition on the field as we get started on the 2015 season."
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