Desperate to conquer Constantinople, Simeon planned a large campaign in 924 and sent envoys to the Shia Fatimid ruler Ubayd Allah al-Mahdi Billah, who possessed a powerful navy, which Simeon needed. The Ubayd Allah agreed and sent his own representatives back with the Bulgarians to arrange the alliance. However, the envoys were captured by the Byzantines at Calabria. Romanos offered peace to Egypt under the Fatimids, supplementing this offer with generous gifts, and ruined the Fatimids newly formed alliance with Bulgaria.

In the summer of the same year, Simeon arrived at Constantinople and demanded to see the patriarch and the emperor. He conversed with Romanos on the Golden Horn on 9 September 924 and arranged a truce, according to which Byzantium would pay Bulgaria an annual tax, but would be ceded back some cities on the Black Sea coast.