But the body, which presides over the industry code and counts Bet365, Betfred, Ladbrokes, Paddy Power and William Hill among its members, denied anything had been formally agreed.
Sky News reported last month that the banning of "in-play" ads during live broadcast of football and other matches was among the measures being discussed during the review.
The deal is said to ensure no adverts will be broadcast for a defined period before and after a game is broadcast.
Although a formal deal has yet to be signed off the mooted "whistle-to-whistle" ban is a response to growing concerns that the weight of advertising on TV is "normalising" betting, contributing to problem gambling and fuelling under-age gambling.
Shadow culture secretary, Tom Watson, said: "We're delighted that gambling operators have adopted Labour's policy of a whistle to whistle ban on gambling advertising during live sport".
Anti-gambling campaigners say the amount of gambling ads on TV "normalises" betting.
According to the BBC, horse racing will be exempt from the restrictions because of the commercial importance of gambling on its viability, but all other sports will be included.
However, it is the impact on football where the ban will be felt the most, especially given the financial value of the sport to both the gambling companies and broadcasters.
The ban on TV advertising must be ratified by the Industry Group for Responsible Gambling before coming into force, but this is reportedly a formality.
Nearly 60 per cent of Premier League and Championship clubs now have a betting firm as their shirt sponsor.