Speaking in Davos, London Mayor Boris Johnson has hailed David Cameron's proposals as "bang on the money" and said he anticipates other EU members will be ready to negotiate a new deal for the UK.
"I think there are a lot of them who secretly think, if we can nail this and make sure we give the Brits what they want, more or less, and they vote to stay in the single market - which is almost certainly what would happen - then that would be a very good thing for Europe," he told Bloomberg TV.
Mr Johnson explained: "Because that whole sense of the Brits whingeing and being the back-markers and bickering - that would be over."
The mayor said he "can't say now" whether he'd vote Yes to continued EU membership in a referendum.
But he added: "My overwhelming instinct would be that we can get sufficient changes, reforms and improvements to the treaty to make it sensible for most people in [the UK] to vote to stay in the single market."
To the surprise of many Lib Dems, Nick Clegg appears to have played down the importance of the Coalition's divide on an in-out referendum.
Business leaders in Davos are worried about the Prime Minister's pledge to put Britain's membership of the European Union to a referendum.
With some in France keen to "roll out the red carpet" for a British exit, Germans favouring decentralisation welcome EU renegotiation talks.