The airline pilots' union Balpa says it is lifting the threat of strike action at Virgin Atlantic which could have affected travellers' summer holidays.
Balpa said it had secured a new offer from the airline, which it will present to its members in the coming weeks.
Details of the fresh offer have not been announced.
Last month, Virgin pilots voted overwhelmingly to go on strike for the first time in the airline's history in a dispute about pay.
Balpa general secretary Jim McAuslan said: "Pilots have never wished to inconvenience the travelling public, especially those looking forward to summer holidays. We have therefore lifted the threat of strike action."
Virgin boss Sir Richard Branson had warned that the threatened strike would leave an "indelible scar" on the airline.