U.S. and Russian negotiators have reached an “agreement in principle” on a successor to the decades-old START treaty that expired last year, the Wall Street Journal is reporting.

The deal would reduce the number of actively-deployed nuclear warheads from 2,200 to between 1,500 and 1,675, and the number of possible delivery vehicles — from missiles to submarines and bombers — would fall to between 700 and 800 per side.

“There may be finessing and fine-tuning, but the issues, from our perspective, are all addressed,” said Rose Gottemoeller, the Obama administration’s lead negotiator on the treaty. an administration official.

The basic structure of the deal was reportedly approved last week during a phone conversation between President Obama and Russian president Dmitry Medvedev. The final drafting could take two months, officials said.

UPDATE: Corrected a misattributed quotation above.