Premier League clubs will be allowed to enter into short-term contract extensions with players whose current deals expire on June 30.
With tentative planning having begun for the Premier League to resume behind closed doors next month, there was concern about the status of players whose deals elapsed at the end of June.
But a Premier League statement on Thursday read: "It was agreed by all shareholders that clubs and players can mutually agree to extend their contracts beyond June 30 until the end of the season."
Richard Masters, the Premier League chief executive, said: "What we decided is to ensure, as far as possible, that clubs complete the season with the same squad they had available, prior to the suspension of the campaign.
"Players can extend their contracts beyond June 30 until the end of the season, but it must be agreed by both parties."
Clubs and players will now have until June 23 to agree extensions.