If agreed, the decision could well see the advance wool payments made available in the Province over the coming weeks rising by some 350-400 per cent year-on-year.
Northern Ireland's regional Wool Board member, Ian Buchanan, told Farming Life that he has been pushing for such a move in the wake of last year's low advance and the competition from merchants based in the Republic of Ireland for locally-produced wool.
"The Board has done a tremendous job over many years inputting a realistic platform in place regarding the price paid for wool here in Northern Ireland," he added.
"DEFRA and the regional Assemblies have recently completed a review of the Board's operations and concluded that we continue to provide an effective mechanism for the marketing of wool throughout the UK. This is excellent news, but we have to build for the future. And this must include delivering a realistic price to flockowners for their wool."
There is also speculation that Ulster Wool Growers will contribute to the 2008 advance. This did happen last year.
However, the co-op's cheque was sent out separately to those distributed from the Wool Board's headquarters in Bradford. In contrast, it is believed this year's contribution – if agreed – will be an integral part of the 2008 advance.
Farming Life has also been informed that Ulster Wool Growers will fully indemnify the Board if wool prices should happen to fall later this year.
"The Board recognises the significant contribution which Ulster Wool Growers has made to the local sheep industry for many years," said Ian Buchanan.
"The end game is a very simple one: to provide the best possible price for locally produced wool.
"I can assure sheep producers throughout Northern Ireland that every effort is being made at Board level to deliver on this commitment in the most feasible way possible and I would like, once again, to thank Ulster Wool Growers for their support, without which this would not have been possible".