Senators Joe Manchin (D-W.V.) and Pat Toomey (R-Pa.) have finally reached a bipartisan agreement on background checks for gun purchases, and will announce the deal at a press conference this morning, according to CNN's Dana Bash.

The bipartisan background check agreement is considered key to passing any gun control legislation, and will likely deflate any lingering Republican threats to filibuster the gun control vote.

A number of senior Senate Republicans said this week that they will not support the filibuster, increasing the chances that Democrats will have the 60 votes needed to bring the gun control bill to the floor.

According to reports, the Manchin-Toomey talks have focused on expanding background checks to include sales at gun shows, closing a major loophole in the current system. The agreement is likely to exclude personal gun sale transactions.

Senate Majority Leader Harry Reid said Tuesday that the Manchin-Toomey compromise would likely be the first amendment considered if the gun control legislation is brought to the floor.