A new power-sharing arrangement in the state Senate is being discussed that would last through the 2016 election cycle, giving Republicans a cushion against potential Democratic gains in a presidential election year.

The agreement, according to a source familiar with the discussions, would allow Independent Democratic Conference Leader Jeff Klein to remain co-president of the chamber and include a handshake agreement that the coalition lasts through the 2016 elections.

The deal would allow Klein to retain the power to decide which bills come to the floor for a vote in the Senate and maintain his role in the state budget negotiations.

It has been widely speculated – and even publicly discussed by some current and former Senate GOP members – that Klein would have to give up some power now that the Republicans have won a clear 32-seat majority (plus the addition of Brooklyn Democratic Sen. Simcha Felder).

But under this deal being floated, in exchange for allowing Klein to retain most or all of the power he currently enjoys, the Senate Republicans would gain the insurance of having the five-member IDC to fall back on two years from now, when a presidential election is expected to cause an uptick in Democratic turnout and potentially put the GOP back into a numerical minority.

A source stressed the talks remain fluid and that the final details of a new coalition agreement are yet to be hammered down.

A spokeswoman for Klein declined to comment, as did a spokesman for Senate Republican leader Dean Skelos.

Earlier this week, Skelos said after a closed-door meeting with the Republican conference at the Capitol there is a willingness among his members to continue the coalition with the IDC in some form.

“There was a consensus that we would like to keep the coalition going and I will be having discussions with Senator Klein on how we move forward,” he said.

The proposal has its pitfalls for both sides.

Liberals would no doubt once again seek to oust Klein and his members in party primaries – especially given the stakes of the coalition potentially continuing through the next election cycle – even as Democrats eye Hillary Clinton’s likely run for president delivering down-ballot gains for them.

The Republicans would have to trust Klein to keep his end of the bargain should they suffer losses in the next election that puts them in the minority.

Klein in June agreed to form a new power-sharing coalition with mainline Democrats, but that deal was contingent on the party gaining enough seats to form a majority in the Senate.

Klein has insisted that agreement only went into effect when and if the regular Democrats managed to win enough seats to control the chamber, which they failed to do on Election Day.

Under this new arrangement, mainline Democrats would have to either use their resources to primary the IDC (primary challenges to Klein and IDC Sen. Tony Avella of Queens both failed this year) or win enough seats to make the the breakaway conference irrelevant.

Klein’s chance of retaining power would allow him to once again be a Democratic voice in policy making, meaning he would have to deliver some tangible results in order to stave off opposition on the left.

After being elevated to the Senate co-presidency in the last two-year cycle, Klein was able to have the state’s minimum wage increased over a phased-in period.

Nevertheless, Klein has come under criticism from liberals and other advocacy organizations for the Senate’s failure to pass measures aimed at strengthening abortion rights, the DREAM Act and the full public financing of political campaigns.

Klein has countered that the votes aren’t there in the chamber for either bills to pass, even with the IDC’s support.

Republicans would have to convince their reluctant supporters on the right that they are playing a long game by again empowering a group of Democrats in chamber in what amounts to an insurance policy against falling back into the minority.