The province says the agreement, which runs until April 2017, would see a total funding increase of $1.6 million for the Newfoundland and Labrador Community Ambulance Operators Association.
Base wages for ambulance attendants would also see a $1 per hour increase in 2014, 2015 and 2016.
Under the tentative deal ambulance operators would get $5.4 million in funding in 2014-15, $5.6 million in 2015-16, and $5.8 million in 2016-17.
The association represents 22 ambulance operators across the province.
The government says it expects the agreement will be finalized within a number of weeks.