"Cabinet will meet at 2pm tomorrow (Wednesday) to consider the draft agreement the negotiating teams have reached in Brussels, and to decide on next steps," the Downing Street statement said.
Cabinet ministers will be summoned one-by-one to 10 Downing Street, residence of Prime Minister Theresa May, to see the text, according to local press reports.
"Cabinet ministers have been invited to read documentation ahead of that meeting."
The agreement is said to be more than 400 pages of dense legal text, according to The Guardian, which will crucially include issues of the UK's Northern Ireland border with Ireland, which will remain a member of the EU.
Some Tory MPs have said they will oppose a "hard border" across the Irish Sea, which would effectively cut Northern Ireland off from mainland Britain.
EU officials told the UK newspaper that a "stable text" was agreed but did not call it a deal.
A Brexit summit will take place later in November before parliament votes mid-December on whether to ratify the deal.