The average NRL player salary will more than double over the next five years as part of the biggest pay rise in the 109-year history of the game.

The 2018 salary cap will also be increased to $9.4 million, as the NRL, similar to the AFL and Cricket Australia, gives players a greater share of the game's revenue as part of a new collective bargaining agreement expected to be finalised on Friday.

The average player salary will increase to $313,000 next season and rise to $330,000 over five years.

The deal, which is awaiting approval from the Rugby League Players Association (RLPA), will end what has been a bitter stoush over pay between the league and the players' representatives.

"I think it's quite a balanced deal for everyone," Melbourne Storm premiership captain and RLPA general president Cameron Smith said.

The AFL finalised its pay deal earlier in the year. The average player salary is $371,000 and will rise to $389,000 in 2022.

Its salary cap is higher than the NRL but it has to be divided between more players.

Players threatened to boycott the Dally M Medal ceremony this year at the height of the pay feud. ( AAP: Dan Himbrechts )

The NRL has also agreed to throw open its books as part of the agreement, giving the RLPA access to its financial records.

The league will be allowed to request a player's personal records if there is suspicion its rules have been breached or the integrity of the game is at risk.

"I don't have too many concerns," Smith said.

"I think the discussions the players' association team and the NRL have had are quite healthy and I think we've got a good deal in place that should be finalised soon."

The NRL will also invest close to $4 million in women's rugby league, meaning up to 40 players can be contracted for the first time.