SYDNEY, AUSTRALIA - JANUARY 08: Nathan Lyon of Australia appeals successfully for the wicket of Moeen Ali of England during day five of the Fifth Test match in the 2017/18 Ashes Series between Australia and England at Sydney Cricket Ground on January 8, 2018 in Sydney, Australia. (Photo by Matt King/Getty Images)

A blockbuster broadcast deal of $1 billion between Cricket Australia, Foxtel and Seven West Media is set to take place, as current rights holders Network Ten and Nine Entertainment lose out.

According to the Australian Financial Review, Foxtel is upholding the deal, while Seven Media and Network Ten entered a bidding war to become the free-to-air partner in the deal.

Channel Nine threw in the white flag earlier on in the bidding war, reluctant to spend too much following their success in securing Tennis Australia’s broadcast rights earlier in the year.

Cricket will not be broadcast on Channel Nine for the first time in four decades with the new mega-deal, instead we’ll have to get used to its new home on Channel Seven.

The duration of the agreed deal could last as long as seven years, according to The Sydney Morning Herald.

The terms of the agreement outlines that Seven will have the rights to broadcast all home-and-away test matches and a few domestic Big Bash League, according to the AFR.

The underpinning partner in the agreement, Foxtel, will have the rights to broadcast every match, including broadcasting what Seven elects to run simultaneously.

The deal could officially be announced as soon as Friday.