NBC has struck a deal with the producers and cast of "Will & Grace" for an eighth and probably final season, the Hollywood Reporter said Monday.

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The paper said contrary to earlier speculation the cast of the Emmy-winning comedy series would not take pay cuts, but instead would receive significant pay raises in the deal concluded on Friday. Eric McCormack, Debra Messing, Sean Hayes and Megan Mullally will each reportedly earn between $13 million-$15 million -- or about $600,000 per episode, compared to $400,000 per-episode this season.

The Reporter said NBC has ordered at least 24 episodes of "Will & Grace" for the 2005-06 season, as well as a highlights clip show that may be used as part of a series finale. Citing sources, the paper also said for the first time since the series debuted in 1998, Mullally and Hayes will earn as much as Messing and McCormack.