May's cabinet is splintered on Brexit, with some senior ministers opposed to provisions that could keep the UK closely tied to the European Union for years to come.
But cabinet approval could pave the way for a historic EU-UK summit in Brussels at the end of November that would finalise the agreement's text.
A final deal would then face other hurdles, the most notable one coming in the British parliament, where May's government's holds a razor-thin majority.
May would need strong support from her own Conservative Party, where dozens of eurosceptics have opposed the reported frameworks of the deal. Her coalition partners from Northern Ireland's Democratic Unionist Party (DUP) have also threatened to vote against the agreement if they find it splinters the province from the rest of Britain.
The news saw the British pound shoot up in value to 1.304 dollars from 1.285 on Tuesday at 2200 GMT.
Citing two sources, Ireland's RTE said the framework deal provides for a temporary solution aimed at keeping the Irish border open if London and Brussels fail to strike a new trade deal by the end of 2020.
This so-called "backstop" -- an issue the two sides have been unable to resolve for months -- would see the whole of the United Kingdom remain in a customs arrangement with the European Union.
It also provides for additional "deeper" provisions for Northern Ireland on customs and regulations, RTE said.
The report said the deal also provides for a review mechanism that Britain could use to try and leave the backstop arrangement, another key demand of eurosceptics in May's party.
Britain will formally split away from the other 27 EU nations on March 29, even if no final agreement clears all the hurdles both in the Britain and the EU.
The threat of a calamitous no-deal Brexit, in which no clear trade rules are set by March between the bloc and one of its largest economies, have weighed heavily on the negotiations.
May's government hopes that lawmakers in both chambers will rally around the deal once its text is set in stone, boosting investor confidence.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.