Oracle and Alinghi have agreed that the 33rd America's Cup set for Valencia next year will be sailed as either a five-leg or seven-leg competition.
A best-of-three event had been proposed, but the Spanish port city's mayor says that's been rejected.
The two sides were meeting in case the New York Supreme Court confirms next week Valencia as the location for the event, as desired by the American challenger.
The defending Swiss champions Alinghi want the race in Ras al-Khaimah in the United Arab Emirates.
The New York Supreme Court ruled in April the Cup should be settled by a one-on-one multihull duel between the two sides in February, instead of the traditional fully-fledged regatta with several teams involving seven legs.
