FOX13 News news has learned that Pinnacle Airlines will make a decision by Jan. 31 about its corporate headquarters in Downtown Memphis.

Sources close to the deal tell FOX13 News the city of Memphis and the landlord at One Commerce Square downtown have given the airline their best and last offer.

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The deal on the table gives the company a short lease and lowers the price for square footage.

No new tax incentives have been offered according to our source.

Pinnacle Air's board of directors will meet Friday to discuss this offer and the company's plan to emerge from bankruptcy.