The Court of Arbitration for Sport today decided Webster must pay Hearts £150,000 after he terminated his contract a year early.

Webster left Tynecastle in May 2006, becoming the first player to use article 17 of FIFA's transfer regulations, which allows a player to cancel their contract after three years if under 28, and two years if older.

FIFA ruled Webster, 25, who signed for Wigan before joining Rangers on loan, should pay £625,000, while Hearts had demanded more than £4.5million.

But the Swiss-based CAS, the ultimate appeals body, ruled Hearts were not entitled to receive any of his perceived value in the transfer market and set the payment at the value of his final-year salary.

The ruling paves the way for a string of big-name players to negotiate an early exit from their contracts.

PFA Scotland chief executive Wishart told PA Sport: "I have had phone calls from agents and player unions from all over the world, I know there is a whole host of big-name players waiting on the outcome of this.

"You can only breach this contract at the end of the season - there is a period of 15 days. But it can be used also to negotiate a new contract with the club. It will be an interesting few months."

The ruling could see world-class players leaving for a few million pounds.

"The buying club and player will know exactly what the compensation will be," Wishart said.

"Wider than that, I think it will bring a reality check to the transfer market which can only be good because it will stop clubs paying £30million-40million on players."

While Webster's case has set a clear precedent, Wishart expects a period of "panic" - but he feels the reduction of transfer fees will benefit the game.

He said: "It won't have a great effect on the smaller clubs because they don't have players on four and five-year contracts.

"Big clubs will win in some cases and lose in some cases. I don't think it will be a disaster for clubs.

"They will see it as that but they saw Bosman as a disaster.

"It will stop clubs putting a fanciful transfer fee on players' heads.

"There will be a period of instability I'm sure where clubs will panic and players will panic. We are entering a new era.

"But I do genuinely think this will be good for clubs as well as players."

Webster's career has failed to take off after he left Hearts as injury has restricted him to only a handful of games.

He has just recovered from a knee injury and is keen to get on with playing now the uncertainty is over.

Wigan are understood to have pledged to pay the money owed to Hearts, while Rangers may sign him on a permanent deal at the end of the season.

Webster had only used article 17 - which was agreed by FIFA under pressure from the European Commission - when Hearts froze him out the team after he refused to extend his contract.

Wishart said: "Andy was keen to see out his contract, there were a lot of factors behind the scenes that led to the decision. He was forced to look down this route.

"It was a very brave move, this article has been available since 2001 and no player has used it.

"None of us knew what the ramifications would be, although the advice we gave to Andy has been proven to be correct.

"I spoke to Andy Webster today and he is delighted it's all over.

"He has no wish for the notoriety this brings, he just wants to get on with his career."

* BOLTON appear to have won the race to sign Aston Villa central defender Gary Cahill in a £5million deal. But Gary Megson is running out of time to sign a replacement for Nicolas Anelka, after former Bolton favourite Eidur Gudjohnsen snubbed a return to the Reebok Stadium.

BIRMINGHAM manager Alex McLeish is poised to gain some consolation after losing out on Aston Villa defender Gary Cahill by signing Georgian midfielder Levan Tskitishvili on a short-term contract.

SPURS midfielder Wayne Routledge has completed his move to ASTON VILLA for an undisclosed fee believed to be worth £1.5million.

RANGERS completed deals for Scotland internationals Neil Alexander and Christian Dailly as Walter Smith strengthened his squad for the title run-in, while still waiting for FIFA to make a ruling on Daniel Cousin's planned move to FULHAM.

SUNDERLAND boss Roy Keane has made a late bid to sign Charlton midfielder Andy Reid.

CELTIC insist they have no intention of selling midfielder Scott Brown.

Roma striker Mauro Esposito has moved a step closer to a loan move to NAPOLI after part-owners Cagliari agreed to the switch.

LORIENT have completed the signing of American midfielder Andrew Jacobson on a short-term deal.

St Etienne have loaned Lars Nilsson to Danish side AAB until the end of the season.

PSV Eindhoven face an anxious race to sign a new defender to replace Manuel da Costa before the transfer window closes tonight.

HEERENVEEN have signed FC Zwolle goalkeeper Harmen Kuperus, 30, on loan for the remainder of the season.

EXCELSIOR have made 30-year-old defender Sieme Zijm available for free transfer.

Racing Santander have agreed to loan midfielder Danny Szetela to BRESCIA until the end of the season.

LEICESTER chairman Milan Mandaric has revealed the club have rejected IPSWICH's latest offer for Gareth McAuley.

COVENTRY striker Kevin Kyle is set to join Championship rivals WOLVES on loan until the end of the season, subject to passing a medical at Molineux.

IPSWICH have signed midfielder Velice Sumulikoski for an undisclosed fee after a successful trial period from Turkish side Bursaspor on a two-and-a-half-year deal.

IPSWICH have allowed promising midfielder Jaime Peters to join YEOVIL on loan until the end of the season.

PORT VALE defender Richard Walker has had his contract terminated by mutual consent.

BURNLEY manager Owen Coyle is confident Kyle Lafferty will not be sold to Rangers or Celtic before the transfer window closes tomorrow night.

BRISTOL CITY boss Gary Johnson has admitted he could recall Steve Brooker from his loan spell at CHELTENHAM before the end of the month after the Robins were knocked back in their attempts to lure CARLISLE striker Joe Garner and COVENTRY striker Dele Adebola to Ashton Gate.

QPR's prospective move for BRADFORD and Jamaica international goalkeeper has collapsed after the Home Office refused to grant him a work permit.

GILLINGHAM striker Guylain Ndumbu-Nsungu has rejoined DARLINGTON on a free transfer in a deal until the end of the season.

BRIGHTON have sold striker Alex Revell from Southend for £150,000 and replaced him with Jonny Dixon from Aldershot for £55,000.

MOTHERWELL's hopes of re-signing former Fir Park favourite Steven Hammell from SOUTHEND before the transfer window closes were dashed after the Shrimpers rejected an undisclosed bid from the SPL outfit.

ROTHERHAM have bolstered their squad with the loan signing of Adrian Pettigrew from Chelsea.

NOTTINGHAM FOREST defender Brendan Moloney is to remain on loan at CHESTERFIELD until the end of the season.

PRESTON have completed the signing of Aberdeen defender Michael Hart and snapped up highly-rated Oldham defender Neal Trotman in a £500,000 deal.