Earlier this month GPC Wales rejected proposed changes to the deal, because they included plans to phase out MPIG top-ups to practices' core pay over seven years in line with UK government proposals.
But GPC Wales chairman Dr David Bailey said he has now re-entered talks with the Welsh government, after ministers indicated plans to axe MPIG could be withdrawn.
'We are talking to them and if we can get somewhere on MPIG we may potentially reach an agreement,’ Dr Bailey said.
Asked whether he thought the Welsh government would withdraw its proposals for phasing out MPIG, he added: ‘I think they might.’
Without this concession, he warned that a negotiated contract deal was impossible. ‘There’s no way I can sign up to any agreement which includes a plan to remove MPIG over a number of years. They know our position, so we’ll see where we get.’
A Welsh government spokeswoman said: 'The Welsh government is currently discussing with GPC Wales the proposals for changes to the GP contract for 2013/14, in particular, the concerns about the proposals for MPIG withdrawal.'