The Prime Minister is planning to keep Britain tied to European customs rules on goods beyond the scheduled leaving date of March 2019, according to the Times.
Under these plans her government would not have complete freedom to agree trade deals with nations across the world for several years after the transition period ends in December 2020, the paper claims.
Her Brexit proposals also reportedly involve accepting demands that goods entering Northern Ireland from Britain must meet European standards, meaning possible checks in the Irish Sea.
Mrs May will hope her updated offer to the EU will give them more time to resolve the Irish backstop, which would come into effect should not deal be reached.
Her so-called Chequers plan has come under fire from Brexiteers, most notably former foreign secretary Boris Johnson, who described her proposals “deranged”.
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CONCESSIONS: Theresa May is set to break the Brexit deadlock with a new offer to the EU
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Johnson last week urged the PM to “chuck Chequers” and instead pursue a “Canada-style” free trade deal with the EU in an essay outlining his vision for Brexit in the Telegraph.
But speaking with BBC Radio 4s Today programme this morning, the PM said she is ready to present her new version of Chequers to Brussels.
"We will be setting forwards those proposals. Can I just explain why we are setting forward our own proposals? It is because the plan the European Union put forward is not acceptable to us," May told the BBC.
"Because the plan the European Union has put forward is one that effectively keeps Northern Ireland in the customs union and ensures that effectively there is a customs border down the Irish sea."
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“We will be setting forwards those proposals”
Theresa May
However, European Commission president Jean-Claude Juncker warned Mrs May that there must be agreement on the Irish border if she wants a Brexit deal.
"When it comes to the border between the Republic of Ireland and Northern Ireland, we are sticking to the point of view we have expressed so many times – Ireland first,” Juncker said, addressing the European Parliament in Strasbourg.
His comments stress the importance Brussels places on solving the Irish border, an issue that has divided her party and raised the prospect of a no-deal.
In an apparent rebuke to Johnson and other Brexiteers, Juncker warned them of the consequences of a no-deal and insisted the EU still wanted an agreement.
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NO COMPROMISE: Juncker speaks at the start of a plenary session at the European Parliament
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"We will have an interesting meeting as far as Brexit is concerned,” he said.
“We want to have a deal. Those who think a no-deal would be a better solution are not aware of the difficulties such a scenario would imply.”
The summit on October 18 to 19 has been billed as the "moment of truth" when it will become clear whether it is possible for the two sides to do a deal.
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NEW PROPOSALS: The PM has said she will present her new plan to Brussels
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Mrs May accused Labour of "playing politics" with Brexit by threatening to vote down any deal she reaches with Brussels when it comes before the House of Commons.
She told BBC Breakfast: "When we have agreed a deal with the European Union, we will bring that back to Parliament and obviously Members of Parliament will look at that deal.
"I think they will also recall that this is about delivering on the vote that the British people took. It's about delivering on Brexit for the British people.
"My message to the Labour Party is that they've got to stop playing politics with this and start acting in the national interest."
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