The person, who spoke on condition of anonymity before a formal announcement, said the deal resolved disagreements over wages for the new workers and which industries would be included.
Those disputes had led talks to break down a week ago, throwing into doubt whether Schumer and seven other senators crafting a comprehensive bipartisan immigration bill would be able to complete their work as planned.
The deal must still be signed off on by the other senators working with Schumer, including Republicans John McCain of Arizona and Marco Rubio of Florida, but that is expected to happen. With the agreement in place, the senators are expected to present their legislation the week of April 8.
Their measure would secure the border, crack down on employers, improve the legal process for immigration, and create a 13-year pathway to citizenship for the millions of illegal immigrants already here.
It's a major second-term priority of President Obama's and would usher in the most dramatic changes to the nation's faltering immigration system in more than two decades.
The AFL-CIO and the Chamber, longtime antagonists over temporary-worker programs, had been fighting over wages for tens of thousands of low-skilled workers who would be brought in under the new program to fill jobs in construction, hotels and resorts, nursing homes, restaurants, and other industries.
Under the agreement, a new "W" visa program would go into effect beginning April 1, 2015, according to another official involved with the talks, who also spoke on condition of anonymity.
In the first year of the program, 20,000 workers would be allowed in; in year two, 35,000; in year three, 55,000; and in year four, 75,000. Ultimately, the program would be capped at 200,000 workers a year, but the number of visas would fluctuate, depending on unemployment rates, job openings, employer demand, and data collected by a new federal bureau pushed by the labor movement as an objective monitor of the market.
A "safety valve" would allow employers to exceed the cap if they could show need and pay premium wages, but any additional workers brought in would be subtracted from the following year's cap, the official said.
The workers could move from employer to employer and would be able to petition for permanent residency and ultimately seek U.S. citizenship.
Neither is possible for temporary workers now.
The new program would fill needs employers say they have that are not currently met by U.S. immigration programs.
Most industries do not have a good way to hire a steady supply of foreign workers because there's one temporary visa program for low-wage nonagricultural workers but it's capped at 66,000 visas per year and is supposed to be used only for seasonal or temporary jobs.
The AFL-CIO and the Chamber have long been at odds over temporary-worker programs, which business has sought in a quest for a cheaper workforce but labor has opposed because of concerns over working conditions and the effect on jobs and wages for U.S. workers.