Tuesday’s announcement was made following consultation between FIFA’s Football Stakeholders Committee and representatives of clubs, players, leagues, national associations and confederations.
As well as extending existing contracts until such time as the current season ends, new contracts will not come into force until a new campaign begins.
FIFA has also encouraged clubs and players to find payment solutions while football is on hold, but has said it will arbitrate when a solution cannot be found.
When it comes to the transfer window, FIFA announced its intention to be flexible and allow the relevant windows to be moved so they fall between the end of the old season and the start of the new season.
“The COVID-19 pandemic has clearly changed all the factual circumstances around football for this season,” said FIFA president Gianni Infantino.
“So, FIFA, together with the stakeholders, has come up with some practical ideas and proposals to tackle these new circumstances.
“Whilst this will not solve each and every problem, it should serve to bring a measure of stability and clarity to football for the foreseeable future.
“One thing must be clear to everyone, especially now: health comes first, well before football.”
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