An unnamed source told the Belfast Telegraph that the Government will table legislation that would remove the jurisdiction of the European Court of Justice over Northern Ireland to Parliament on Tuesday afternoon.
The Foreign Secretary is expected to make a statement regarding the deal.
Boris Johnson is currently visiting Northern Ireland to encourage the return of the devolved government.
The Democratic Unionist Party (DUP) has refused to enter the assembly because of the Northern Ireland Protocol.
The protocol was designed to ensure free trade continued across the Irish land border after Brexit.
However, it has in turn led to additional checks on goods moving between Great Britain and Northern Ireland.
Sinn Féin President Mary-Lou McDonald, whose party delegation was the first to meet Mr Johnson when he arrived in Northern Ireland on Monday, accused the prime minister of placating the DUP and employing obstructionist tactics in relation to the protocol.
She also accused Mr Johnson of giving “no straight answers” during a “very tough meeting” held at Hillsborough Castle.
She said: “The British government is in a game of brinkmanship with the European institutions, indulging a section of political unionism which believes it can frustrate and hold society to ransom.”
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