The Matildas are set to receive a massive financial windfall under a landmark pay agreement with Football Federation. The agreement, which is expected to be finalised by the end of the week, will result in commercial revenues being split equally between the Socceroos and Matildas.

Both teams will receive 40% of commercial revenue and prize money associated with senior and national teams under the agreement, according to reports in News Corp papers. Depending on how that money is then distributed, a Matildas player could potentially earn the same amount over a calendar year for representing their country as a senior men’s player.

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AAP understands the new agreement does not stipulate payments be the same for both teams, only that the revenues be split equally.

Currently Socceroos receive a match payment for each appearance with the national team or for being selected for a camp over a certain length. The Matildas are however under central contracts, which guarantee those contracted a set amount regardless of appearances, with extra money on top based on club deals in the W-League and abroad.

Under the new agreement, the Matildas will have a much higher amount to boost contract arrangements as well as spend on travel arrangements and training resources. Depending on the rate contracts are set at under the new deal, a Matildas player could potentially receive the same amount from the FFA for representing the national team as a regular Socceroos player.

Matildas defender Alanna Kennedy said collaboration between the two teams had been a big part of the negotiations. “For us as females, it’s always good when you’re appreciated and they show the support,” Kennedy told News Corp Australia. “We’re hoping [it is finalised] by the end of the week. If we were to get it across the line it’s exciting and a huge step forward for us.”

It is unclear what the deal means for prize money arrangements, which are significantly higher in the men’s game than the women’s equivalent. The total prize pool for this year’s women’s World Cup in France was just US$30m ($43m) compared to US$400m ($580m) at the men’s event in Russia in 2018.

Had the Matildas won the World Cup they would have reportedly received a A$250,000 total bonus as a team. That is in contrast to the reported $1.25m the Socceroos would have received for winning this year’s Asian Cup in the UAE.

Both the PFA and FFA refused to comment on the report, only confirming talks had been ongoing for many months over the agreement and were yet to be concluded. The Matildas face Chile in a friendly at Bankwest Stadium on Saturday, with the deal expected to have been signed off before that match.