The Bayeux Tapestry could be put on display in the UK for the first time in its 950-year history.
The historic loan comes after French president Emmanuel Macron reportedly agreed to allow the famous artwork to leave France for the first time.
The 70-metre tapestry tells the story of the Norman conquest of England where the Anglo-Saxon King Harold was defeated by William the Conqueror in the Battle of Hastings in 1066.
Mr Macron is expected to announce the loan of the artwork when he meets Theresa May at Sandhurst on Thursday, according to The Times.
The paper said the director of the Bayeux Museum in Normandy, where the tapestry is currently displayed, confirmed preparations were under way for the embroidery to be re-located.
The delicate tapestry still needs to undergo tests to make sure it could be moved without being damaged.
It could take up to five years for the tapestry to reach Britain and where it will be displayed remains undecided.
The tapestry has left Normandy twice, both times for Paris - once in 1804 and again, briefly, for the Louvre in 1944.
The French president will hold talks with the Prime Minister at the UK-France summit, which a spokesman said would highlight cross-Channel co-operation on issues such as climate change, air pollution, cyber threats and the human genome.