The Tube strike that was due to start on Friday night and would have caused 10 days of chaos for passengers has been suspended.
However, strikes by Tube drivers belonging to the Aslef union are still scheduled to go ahead - and will almost certainly shut the London Underground next Thursday, November 7, and the following Tuesday, November 12.
The RMT union, whose members were due to take action from 6pm on Friday on a rolling basis in their battle for a better pay deal, called off its strike at 1pm on Friday.
Transport for London and City Hall sources denied that an enhanced pay offer had been made.
An RMT spokesperson said: "Following intense negotiations with London Underground management and a significantly improved offer, we have suspended the strikes scheduled to start this evening.
"London Underground have sensibly abandoned their proposed changes to pay structures which now means all our members will receive the same value in any pay award.
"Further discussions will take place next week regarding the pay offer but progress has been made which would not have been possible without the fortitude and industrial strength of our 10,000 members on London Underground."
Aslef, which represents 2,000 Tube drivers, has called two 24-hour strikes on the same issue, the first of which is due to start next Thursday.
It will now have to decide whether to follow the RMT’s lead in suspending its action.
A senior Aslef source said on Friday afternoon that there appeared to be little prospect of them being called off.
Talks between TfL and all four Tube unions - the others are the TSSA and Unite - are due to be held next Tuesday.
Claire Mann, TfL's chief operating officer, said: “We are pleased that the RMT has suspended its planned industrial action on the London Underground network to allow further talks.
“We believe that our offer is fair, affordable, good for our colleagues and good news for London.
“We will continue to work closely with all our trade unions, and urge Aslef to also call off its planned action next week.
“If it goes ahead customers should check before they travel as during their strikes on November 7 and 12 there will be little to no service.”
London mayor Sadiq Khan, who previously told The Standard that he was “confident” the strikes would be called off, said: “Pleased to confirm that the RMT union has suspended strike action next week and agreed to talks.
“Great news for London’s commuters, visitors and businesses.”
The RMT’s announcement came after a meeting of its ruling national executive committee on Friday morning.
RMT staff working in the engineering vehicles and maintenance teams were due not to clock on from Friday night.
This would not have had an immediate impact on passengers.
TfL had warned travellers that the Tube would be affected from Sunday evening, with no services after 7pm.
There would then be chaos throughout the week, with an entire shutdown expected when the RMT and Aslef action overlapped.
Union leaders had been seeking an improved pay deal after TfL offered a 3.8 per cent increase plus a £450 “lump sum” payment.
TfL said its offer was worth an average of 4.6 per cent, or 4.5 per cent for Tube drivers - reportedly taking their pay to £69,600.
Details of the RMT’s proposed new deal have not been revealed.
However, one of the key sticking points was the RMT’s concern that “collective bargaining” - which effectively allow it to negotiate the pay rise received by all its members - was being undermined by what TfL was proposing.
But the news of the postponement of at least some of the strikes will be a huge relief to millions of commuters and the entire central London business community.
