The board of Aer Lingus is discussing proposals to avert a threatened strike in 10 days time over pensions.
The five-point plan has been devised by representatives of the employers body IBEC and the Irish Congress of Trade Unions.
Unions at Aer Lingus have threatened to hold a two-hour stoppage at the airline on 19 November over the failure to address a €750 million deficit in the joint pension scheme covering Aer Lingus and the Dublin Airport Authority.
Talks at the Labour Relations Commission chaired by Chief Executive Kieran Mulvey broke down two weeks ago - with Mr Mulvey describing the gap between the sides as "unbridgeable".
Local talks between the DAA and unions have continued and are described as positive.
However, it is understood that IBEC Director of Industrial Relations Brendan McGinty and ICTU official Liam Berney have been working behind the scenes to break the deadlock between Aer Lingus and its unions - and hopefully avert the threatened stoppage.
Under the five-point plan, Kieran Mulvey would issue a report to the parties on the outcome of the discussions which broke down recently.
That would include his assessment of how the dispute could be resolved.
The parties would consider Mr Mulvey's views and revert to the LRC. If agreement could not be reached the parties would be strongly encouraged to use the dispute resolution mechanisms of the State.
Matters in dispute should be referred to the Labour Court for an interim recommendation setting out the main parameters for resolving the dispute.
Those recommendations would then be considered by a technical group of pensions experts to finalise the design of new pension arrangements - which would be considered by Aer Lingus management and unions.
Residual matters would be be referred to the Labour Court for final, but non-binding, recommendation as part of a "composite and definitive solution".
In the meantime, the threatened stoppage would be called off.
Up to now, Aer Lingus has categorically refused to go to the Labour Court and it remains to be seen whether this afternoon's board meeting will see a change in that position.
The airline has stated that the interests of shareholders - who include Ryanair - must be protected.
The board meeting will take place by conference call.
Sources on both sides continue to stress that it is premature to assume that this model would be adopted and that nothing was certain as yet.
Meanwhile passengers face the threat of disruption on 19 December - with Aer Lingus putting the cost of that disruption at €2 million per day.
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