Former captain Heath Streak is one of those involved in the dispute

The International Cricket Council had given the players a Wednesday deadline to decide after the Zimbabwe Cricket Council gave their agreement.

Their lawyer Chris Venturas told BBC Sport the players had been unanimous in giving the green light.

"The players are now feeling very confident because they know they have a very good case," he said.

Their decision came after a meeting with International Cricket Council chief Malcolm Speed and Federation of International Cricket Associations representative Richard Bevan on Tuesday.

The sticking point was that by agreeing to arbitration, the players would have to abandon the ICC disputes resoution process they began in May.

There had been concern that by doing this, they would give up certain rights but the meeting with the Bevan and Speed appears to have allayed such fears.

The arbitration process will involve a three-man tribunal, one each nominated by the players and the ZCU and a chairman selected by the nominees.

The ICC says the panel's decision will be "final and binding".

Most of the rebel players have formed themselves in a team called the Red Lions, who are currently in England for a three-week tour.