Prime Minister Theresa May will present the draft withdrawal agreement to her senior ministers on Wednesday for discussion and then decide on the next steps, her office said in a statement that confirmed several British media reports.
Britain wants to seal a deal soon, so Parliament has time to vote on it before the United Kingdom leaves the bloc on March 29.
Earlier reports from the Financial Times suggested that the deal could be close, based on one account of a briefing given by the EU's chief Brexit negotiator, Michel Barnier, to European ministers.
A crunch Cabinet meeting will take place on Wednesday to discuss the deal reached by negotiators in Brussels on Tuesday.
Brexit talks had for weeks been at an impasse over the question of how a hard border between Northern Ireland and the Irish Republic could be avoided no matter the outcome of negotiations.
"There is no such thing as a good or sensible Brexit". The party is propping up May's Conservative Party, which does not have a parliamentary majority, and can provide crucial votes on issues.
According to the Financial Times, the E.U.'s Chief Negotiator Michel Barnier has said a Brexit treaty "is nearly ready".
Boris Johnson, who resigned over the summer because of the direction of United Kingdom negotiations, warned ahead of the official announcement that a deal was set to be struck but that it would "mean surrender by the U.K.", which would be "doomed" to "colony status" to the EU.
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"But the kicker is - and I think people haven't really grasped this - the kicker is that we haven't even really managed to protect the union between Great Britain and Northern Ireland", he said.
If the deal is agreed by the Cabinet, a special Brexit summit will be held later this month.
Former foreign secretary Boris Johnson said he would vote against the deal, claiming it was "vassal state stuff" and urged the Cabinet to "chuck it out". It is expected to be published when a deal is agreed upon between the United Kingdom and the European Union, accompanied by a political declaration about the future trade relationship.
May also faces growing opposition from pro-EU lawmakers, who say her proposed Brexit deal is worse than the status quo and the British public should get a new vote on whether to leave or to stay.
Trade Secretary Liam Fox, Leadsom, and Mordaunt "all campaigned with us for Brexit and need to stop this from ever reaching the Commons", the MP said.
The British government supplied no immediate details on the Brexit deal text, which runs to hundreds of pages.
Ireland's RTE television reported that the draft deal comprises "one overall backstop" encompassing elements of both the UK-wide and Northern Ireland only arrangements.
The deal is not yet finalised, but with the alternative of a "No Deal" hard to countenance, it's unlikely to be thrown out.
The final sticking points were believed to have been the situation around the Irish border, and the so-called backstop - the arrangement created to confront the prospect of no deal being struck.