Both parties have been at each other's throats in the battle for the Hillsborough outfit and now have both put pen to paper to sign a confidentiality deal, meaning that the talks between the two will not leave the boardroom.
This is great news for Wednesday fans and it shows that both Bates and Allen, who have both been accused of using bullying tactics against each other, are prepared to sit down and discuss what is best for the club.
An official statement by both The Owls and Bates read: "As is usual in these types of negotiations, the agreement contains clauses which restrict disclosure of the details of any proposals and which protect the confidentiality of information exchanged.
"Announcements will be made as soon as the outcome of these negotiations have been reached."
Now whether both Allen and Bates get into a scuffle in the boardroom is another matter altogether!