The TSSA - one of the two rail unions - planning strike action over the Bank Holiday has suspended the action after receiving a new pay offer from Network Rail.
Members of the Transport Salaried Staffs Association were due to walk out for 24 hours from 5pm on Monday.
But after talks with Network Rail, Manuel Cortes, general secretary of the TSSA, confirmed that the union had suspended the action,
The RMT, which represents most Network Rail employees, is still to announce if the strike is going ahead.
ITV News' Business Editor Joel Hills has learned that Network Rail has tabled a new pay offer to RMT, Unite and TSSA unions in a bid to avert next week's planned strike.
Breaking: Network Rail has tabled a new pay offer to RMT, Unite and TSSA unions. Talks continue but I'm told "deal could be close".
A national rail strike is planned to take place on Monday and Tuesday - so what are your rights if your travel is disrupted?Read the full story ›
Train companies have started cancelling services over the Bank Holiday due to a planned strike by thousands of Network Rail workers - despite peace talks continuing.
West Coast main line operator Virgin Trains has scrapped all services on Monday and Tuesday and warned it would only be able to run a very limited number of trains on its East Coast line over the two days.
An outline of how the strike will affect all train companies is expected to be revealed later today, but passengers were warned to expect severe disruption if the 24 walkout goes ahead from 5pm on Monday.
CrossCountry Trains, Chiltern Railways, Arriva Trains Wales, First Great Western and ScotRail were among those giving passengers an early idea of the travel chaos they can expect.
Passengers were being advised not to travel unless "absolutely necessary", with widespread cancellations expected, leading to packed trains.
A national rail strike has been planned by the RMT and TSSA trade union on Monday and Tuesday - so what services will run, when and where?Read the full story ›
Virgin Trains has cancelled all its West Coast mainline services on Monday and Tuesday ahead of an anticipated strike by Network Rail workers over the Bank Holiday.
Members of the RMT and TSSA unions have voted for a 24-hour strike, starting at 5pm on Monday, amid an ongoing dispute over pay.
A spokeswoman for the company told ITV News that East Coast services - which are run by a different operator - would continue on a reduced timetable, and advised customers to check for the latest updates before travelling.
She said bosses were monitoring talks between Network Rail and the unions to see whether the situation may improve.
Anyone with tickets for those dates can use them for either the Sunday or Wednesday, in line with any restrictions on the tickets bought.
A refund is also available from the Virgin Trains website or by calling 0344 556 5650.
Contingency plans have been drawn up as rail companies prepare for planned strike action over the Bank Holiday, Network Rail has said.
Amended timetables will be available on Sunday if last-ditch talks aiming to prevent the 24-hour walk-out from Monday afternoon fail.
Network Rail chief executive Mark Carne said he believes an agreement can be reached.
We are continuing to talk with the unions and we believe there is a settlement to be had. I sincerely hope we can reach one and my team will be available all week, and into the weekend if necessary, to find a deal to prevent strike action.
From the very start of negotiations we made clear that we want to reward our staff for the incredible job they do, but that any pay rise needs to be linked to smarter, more effective ways of working.
We can't bank on the unions calling off the strike, so we are now concluding our contingency plans so passengers can make decisions about their journeys.
If the strike goes ahead, it's important that people check before travelling and are aware of the special measures put in place by train operators for people who have already booked tickets.
Network Rail has urged train passengers to brace themselves for a Bank Holiday strike by workers, as talks aimed at ending a pay row enter their third day.
The firm said it could not guarantee unions would call off the planned 24-hour walk-out from 5pm on Monday.
Meanwhile, Manuel Cortes, general secretary of the TSSA union - one of two set to take part in the walk-out - took to Twitter to assure followers representatives were working to find a "resolution to this dispute".
The two sides are holding talks at mediation service Acas, with Network Rail saying it was prepared to continue negotiating into the weekend if necessary.