The agreement, yet to be confirmed by Ankara, follows months of negotiations.
The deal comes after Turkey and IS fighters exchanged fire near the Turkey-Syria border, with one soldier killed and two more injured.
On Monday, 32 people were killed in a suicide attack in a Turkish town on the Syrian border blamed on IS.
The agreement was finalised in a phone call between President Barack Obama and his Turkish counterpart Recep Tayyip Erdogan on Wednesday. It was confirmed by US officials speaking on condition of anonymity.
The use of the Incirlik airbase broadens the US military's ability to strike IS targets - one US official told the New York Timesit was a "game changer".
Once used in raids against former Iraqi leader Saddam Hussein, the base is near to Turkey's long border with Syria, and significantly narrows the distance to the IS stronghold of Raqqa.
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