A CPS spokesperson says the talks will focus on how the teachers union can help cut the schools' $370 million budget deficit.
Union President Karen Lewis says the union won't discuss any concessions until it sees a transparent budget.
"We need to agree that a long term view best serves our children, school and communities," said Lewis. "Let's end this annual ritual of crisis budgeting predicated on secret cuts, secret budget documents and secret negotiations."
The CPS already laid off 600 teachers and support personnel this week.