Mayor Eric Adams and the New York City Council are “very close” on a deal to alleviate an expected $250 million in school budget cuts using funds already allocated to the Department of Education, sources confirmed Wednesday.

One source familiar with the negotiations said it “possible” the lawmakers will reach an agreement later Wednesday.

Another source described a deal as being “close to the finish line,” with some details to be worked out.

Four sources confirmed the deal — first reported byNY1 — to The Post, though one of them said the precise dollar amount was “unclear” and “no one truly knows” the figure. 

Adams at an unrelated press conference Wednesday said he’s had “fruitful conversations” with Speaker Adrienne Adams about school funding, while denying an agreement had been reached.

“We have to be smart, we have to make the right decisions, and it’s not going to be the popular decisions, but we have to make the right financial decisions,” Adams said.

While the DOE budget includes more than $31 billion for the city’s some 1,600 public schools, allocations sent directly to principals shrunk with the phase-out of a pandemic policy to untie school funding from enrollment. Those costs were covered by federal stimulus dollars, which the Adams administration has started to scale back before they expire in 2024.

The department also reduced the per-pupil dollars sent to schools under the city’s Fair Student Funding formula used to hire school staff — citing a loss of experienced, higher-paid teachers.

“There are no new dollars,” said Adams. “It’s about relieving some of the restrictions on dollars that are allocated already.”

“There’s no $250 million to find,” he added.

Officials expect to lose another 30,000 students next school year in K-12 traditional public schools, leading to hundreds of millions in cuts. The city originally estimated a$215 million, based on then-enrollment figures — but Comptroller Brad Lander has said the slash is closer to $469 million.

The negotiations come after more than a month of public outcry by families and teachers, who lamented the loss of their favorite staffers and arts programs. Council members, who approved the city budget with the line item cutting school allocations, later joined those protests — with some progressive lawmakers going so far as to apologize for their votes.

“There are talks between the Mayor and Speaker for DOE to use existing agency funds to help schools that faced decrease in enrollment so that teachers aren’t excessed and programs don’t get cut,” said one of the sources familiar with the council’s negotiations.

Teachers and staff who are “excessed,” or let go from their school buildings, remain on payroll but have to apply for vacant positions elsewhere.