The leaders of Italy's centre-left Democratic Party (PD) and populist Five Star Movement say they have agreed to form a coalition government, APA reports citing BBC.
"We consider it worthwhile to try this experience," the PD's Nicola Zingaretti said after meeting the president on Wednesday - the deadline for any deal.
It was agreed that Giuseppe Conte should stay on as prime minister.
The planned joint administration will serve until the next scheduled elections in 2023.
On Tuesday, Five Star leader Luigi Di Maio welcomed what he referred to as the PD's willingness to accept Mr Conte's reappointment.
The two parties, traditionally staunch rivals, have been holding tense talks following the collapse of the previous coalition government last week.
"In difficult times like these, shunning our responsibility to have the courage to try this is something we cannot afford," Mr Zingaretti said.
His comments came after President Sergio Mattarella met party leaders in Rome to try to chart a way forward. The president is due to make a statement on the outcome of the talks later on Wednesday.
If an agreement had not been reached, he would have named a caretaker government and called early elections.
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