The ARLC have signed off on an increased offer from WA Premier Roger Cook, which has salvaged plans for the Perth Bears to enter the competition in 2027.
The move will resurrect, in an affiliation, foundation club North Sydney Bears.
Bears legend and current board member Billy Moore has been a vocal voice behind the club's push to return to the NRL, for its first season of first grade since 1999, as a partner to Perth.
"This is the greatest day since the 1922 grand final," Moore told AAP.
"There is nothing else that comes close to this moment. This is a day for the true believers ... just outstanding.
"I have been making phone calls left, right and centre. With what we have been through the last six months part of you goes, 'is this real?' This time it is."
The in-principle agreement must also be signed off by the existing 17 clubs and the Rugby League Players' Association, with those meetings expected to be expedited to give the code extra bargaining power ahead of the next TV rights talks.
Negotiations between the NRL and WA government appeared to have hit a stonewall when Cook accused the league's governing body of treating his state like a "cash cow".
However the premier revealed earlier this month they were back at the table and described talks as "positive" for the 18th franchise to be located in Perth, and a formal affiliation with the Bears.
The state government reportedly upped its bid from $35 million to $50 million over five years to get the deal done.
A Papua New Guinea team is set to enter in 2028, giving the NRL a 19-team competition, with 20 sides the league's ambition.
One of Cook's signature statements about a successful Perth bid is that it would "put the 'N' back in the NRL", a reference to the now defunct Western Reds.
The Perth-based Reds entered the ARL in 1995 and had three seasons of first grade before the Super League war ultimately led to their demise.
Wayne Bennett, who returned to South Sydney this season after being the figurehead and coach of the Dolphins when they joined the NRL, celebrated Thursday's development.
"It's great. I've been very supportive of the Western Australian bid," Bennett said.
"We'll never have a more favourable climate in Western Australia, the premier over there is a great supporter of rugby league."
St George Illawarra coach Shane Flanagan also welcomed the prospect of a truly national league.
"We just can't be on the east coast," Flanagan said.
"I think a successful football team over there will only enhance the national game.
"I'm really looking forward to that ... (coming into the NRL) 2027 is a short turnaround for the Bears, if that is the case.
"It's going to be a bit of a scramble .. but I think it's a great move.
"There'll be some players that will jump at the chance to go to a new franchise."
Former Western Reds chairman Peter Cumins was a prime mover for the initial consortium backing a 2027 side. While that was rejected by the NRL, he was also heartened by Thursday's news.
"My reaction is I am very pleased," Cumins told AAP.
"I never wanted to own an NRL team. I just wanted an NRL team in Perth to give kids the same opportunity as those on the east coast to play elite footy.
"If that is an NRL-owned club or members club then I am fine with that.
"In October last year we were ready to go and now they have got to start afresh. It is going to be a challenge to get a team up and running for 2027 but I will help where I can because I want it to be successful."
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