At one point last night, several union officials said a tentative pact had been reached that would cover the city's 33,000 subway and bus workers.
Most of the bus workers would become employees of the authority, a state entity.
Union officials said the 33,000 subway and bus workers will vote during the next few weeks.
Many bus workers were angry about missing seven weeks' pay and failing to make major gains in the contract.
The bickering comes at a sensitive time for the private bus workers.
In interviews yesterday, 5 of 7 subway and bus workers who were 45 or younger said they voted against the contract.
But the official added that the new agreement might not include as many protections for bus workers or existing services.
He was able to negotiate a 40-hour work week for public and private bus workers.
However, the organisation of the bus workers went forward slowly.
The bus workers joined in a strike on 8 January 1967 aimed at protection of concessions won over the past several years.