Downing Street says Prime Minister Sir Keir Starmer will make an announcement about a deal with the US on tariffs later today.
"The Prime Minister will always act in Britain's national interest – for workers, for business, for families," a No10 spokesperson said.
The UK government has been seeking an agreement to lower tariffs since President Donald Trump imposed them on almost every country in the world last month.
President Trump appeared to allude to the agreement when he posted on social media on Wednesday night, saying he would announced a "major trade deal" with a "highly respected country".
On 2 April, Trump announced steep tariffs on dozens of trading partners, before announcing a 90-day pause on the levies.
Governments from around the world have been scrambling to strike deals with Washington before the new deadline passes.
The US has left a 10% global tariff in place, which included the UK, though the long-time ally of America was not subject to the administration's higher "reciprocal" tariffs.
The UK is also subject to a 25% US import tax on steel, aluminium and cars.
Washington is close to agreeing trade deals with India and Israel, according to reports.
The administration is also continuing talks with several other countries including Japan, South Korea and Vietnam.
Trump has said he wants nations to strike new deals with the US as he tries to radically reshape the global trading system.