There will be an "exit clause" from the customs union in a bid to convince Brexiteers that it is not a permanent arrangement as May looks to secure enough votes to get the deal through parliament, said the paper.
Speaking to Sky News on Monday on whether Theresa May can get a Parliamentary majority to pass her Chequers Plan, which would leave the United Kingdom tied to numerous bloc's regulations, Mr Farage said: "In classic Brussels style, at the 11th hour there will be a deal, I've no doubt about that". Is the future of the union stake?
May's secret concessions from the European Union centre on checks at the Northern Irish border with the Republic of Ireland, which has so far been one of the biggest sticking points in Brexit negotiations. "Negotiations are ongoing", a statement read.
The Prime Minister has received private concessions from Brussels that would avoid a hard border between Northern Ireland and the Republic, in a move that is likely to win support from some Labour MPs as well as the less hardline within her own party, according to the Sunday Times.
Cabinet minister James Brokenshire rejected suggestions that final agreement has been reached, saying negotiations are "still very firmly continuing", with 95% of issues resolved.
May is also understood to be close to a political deal on a future economic partnership (FEP) with Brussels that would give Britain the green light to pursue a free trade deal similar to Canada.
Crucially, the speculated new deal will contain an "exit clause" that May hopes will show Eurosceptiocs that the United Kingdom will not remain in a customs union with the EU indefinitely.
"He recalled the prior commitments made that the backstop must apply "unless and until" alternative arrangements are agreed".
"While we too hope the Northern Ireland backstop will never be required to be used, it will be required to be written down in legal text. We hope a deal can be done but we're not there yet".
Chief Executives from Waterstones, Innocent Drinks and Lastminute.com stated that the United Kingdom faces either a "blindfold or a destructive hard Brexit" in the note.
"If the long term is that we are simply going to be continuing this argument long after we've left the European Union on March 29 next year as to what our future relationship with it is going to be, then, quite frankly, it would be better to have that argument now and let the public decide what they want and if they are content with the arrangements the government has come up with".
More than 70 business leaders, including lastminute.com founder Martha Lane Fox and former J. Sainsbury Plc chief Justin King - signed a letter arguing that both the government's current plans for Brexit, and a no-deal Brexit, would be bad for companies and jobs.