The Welnix group, who hold the Phoenix's licence, were reported by The Dominion Post to have come to an agreement with the governing body which will see them granted the extension they have been looking for - another decade in the A-League.
It was reported that a number of terms and conditions apply, which commit the Phoenix to meeting a number of "metrics" in order to keep their licence for the long haul.
FFA originally had only offered the Welnix group a four-year extension - and rumours persist that this could be their last season if an agreement isn't reached.
But Phoenix general manager David Dome hosed down the speculation, saying talk of a licence extension is "premature".
Dome also said negotiations with the FFA had slowed a little over the Christmas break.
"Talks have been ticking along slowly, but there have been no major advances," Dome said.
"There are still a few things we need to work on with third parties, and they are complex and not inconsequential.
"We've just got to keep plugging away. There's certainly no imminent announcement."
An extension, now or down the track, would represent a considerable win for the Phoenix and the "Save the Nix" campaign which gained serious traction after FFA CEO David Gallop accused the club of trying to "squat" on their licence.
Gallop famously pointed to the "metrics" by way of justifying only offering the Welnix group a four-year extension.
"If you want longevity in the competition you need to produce results. That's part of the message that's been sent with the decision to reject the 10-year licence [extension]," Gallop said at the time.
"We've welcomed a dialogue with Welnix...but on any metric they're not performing at a level we would like for the growth of the competition.
"The metrics are pretty obvious: crowds, television ratings and membership. Those are the ones that are really going to make us sit up and take notice."
Wellington are averaging crowds of 9110 at their home games this season and their membership figure stands at 4950.
Additional Reporting AAP
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