Mayor Rob Ford and his brother, Doug, are backing down on a plan to seize control of the Port Lands from Waterfront Toronto, according to reports.

The brothers are agreeing to work together with the waterfront agency on the future of the site, sources told the Globe and Mail and the Toronto Star.

Drafts of the agreement are still being worked on Tuesday evening after intense negotiations this week. The matter is expected to be put to a vote Wednesday.

A petition with 7,000 names was presented to City Hall by the members of Code Blue, a grassroots coalition against the Fords' vision for the waterfront.

"It's a huge victory, I think for the victory of Toronto," said Code Blue member Cynthia Wilkey, chair of the West Don Lands Committee.

Counc. Paula Fletcher told CTV Toronto on Tuesday evening that the agreement is a "true Toronto compromise."

"The people of Toronto over the last few weeks have just been saying this is our waterfront," she said. "It doesn't belong to me, it doesn't belong to one councillor, it doesn't belong to one mayor."

According to reports, the new agreement leaves Waterfront Toronto as the lead agency for development but calls on the agency to speed up development construction.

The plans were originally scheduled to happen over the next 25 years.

Waterfront Toronto had crafted a plan for the Port Lands after years of consultations and studies. But Counc. Doug Ford revealed his vision for the area earlier this month that included a monorail, ferris wheel and mega-mall.

Mayor Ford had earlier announced his hope to seize control of the Port Lands from Waterfront Toronto.

The Port Lands is bounded by the Don River to the north, Lake Ontario to the south, Toronto Inner Harbour to the west and Ashbridges Bay to the east.

With files from CTV Toronto's Scott Lightfoot