Marseille announced on Thursday that a new deal had been agreed for the lease of the stadium following a meeting at City Hall.
Club owner Margarita Louis-Dreyfus confirmed that the rent the Ligue 1 club will pay is now "acceptable to all parties" and expressed her delight that negotiations had come to a successful conclusion.
"Everyone here agrees that the OM must play at the Stade Velodrome," she told the club's official website. "I am pleased that we have reached an acceptable compromise for the club and the city of Marseille.
"The authorities and OM had to make a considerable effort for us to sign this agreement today. Because for me, it is a strong gesture that I do for our supporters, but also towards all Marseille, to who OM is so important.
"I will express myself publicly on the subject after the final agreement passed by the City Council in October."
Last week the nine-time French champions announced they would switch their fixture with Montpellier to their opponents' Stade de la Mosson ground due to a stand-off over money.
However, after protracted discussions an agreement was struck that will see the club pay €3million to lease the stadium this season and then rising to €4million per campaign with further payments made dependant on ticket sales.
The Stade Velodrome is one of seven stadiums that will be used during the European Championships in 2016, and has been undergoing major redevelopments since 2011 which has resulted in Marseille having reduced capacities.
