The Brexit talks dragged on throughout the night with hopes high that the trade deal may finally be close to a deal.
Sources in London and Brussels told Sky News on Wednesday evening that the deal may be imminent.
Eric Mammer, the main spokesperson for European Commission President Ursula von der Leyen, tweeted to say that “the work on Brexit will continue throughout the night.”
He added: “Getting some sleep is recommended for all Brexit observers at this point.
“Hopefully it’s an early start tomorrow morning.”
She was previously seen delivering pizza late at night at the European Commission headquarters in Brussels.
Meanwhile, Sky News understands that a call to Boris Johnson’s cabinet took place late last night to brief them on the state of play in the talks.
Britain left the European Union at the end of January and entered an 11-month transition period, following EU rules and regulations as it tried to negotiate a free trade deal by the end of this year.
But a number of sticking points emerged during the negotiations, raising the possibility of a no-deal Brexit.
These include fishing rights and so-called “equal opportunity” – measures to prevent what is perceived as unfair competition through lower standards or the use of government subsidies.
The prime minister acknowledged that a no-deal Brexit “might be difficult at first,” but emphasized that the UK would thrive strongly under such a scenario if it were passed.
But opponents say leaving without an agreement and thus having to trade on WTO terms from Jan.1 would cause problems for businesses and raise prices for consumers.
The two sides set a deadline of mid-October to reach a trade agreement, with the expectation that it will take time to examine and vote on the final version.
Parliament needs to ratify a deal if it is agreed, but it is already over at Christmas.
However, Sky News was informed that MPs could be summoned on December 30 to approve any deal at the last minute.
A senior European Union diplomat told Reuters news agency on Wednesday that the temporary implementation of the agreement needs approval by member states because there is not enough time for the EU parliament to ratify the agreement.