CUPE Local 416 president Mark Ferguson says contract talks with the city could conclude today if the offer is accepted.
Ferguson says the union's offer would save Toronto about $25.5 million.
Toronto negotiators on Thursday requested a no board report be issued by the Ministry of Labour conciliator.
The union says that would set up a lockout of Toronto outside workers early next month.
Ferguson claims Toronto never made a serious effort to negotiate a new collective agreement.