The purpose of the Friday meeting is to bridge the gaps between May's senior ministers over the differences of opinion on how Britain should leave the European Union.
Senior officials are expected to finalize the white paper that "will set out detailed proposals for a sustainable and close future relationship between the UK and the EU."
Mrs. May has previously said Britain would leave the EU customs union and the single market area, without accepting free movement rules. It has now been reported that the PM's preferred way looked a lot like Switzerland.
Switzerland is neither an EU nor European Economic Area (EEA) member but is part of the single market — this means Swiss nationals have the same rights to live and work in the UK as other EEA nationals.
Eurosceptic Tory politician Jacob Rees-Mogg said in an article the "Prime Minister must stick to her 'no deal is better than a bad deal' mantra, or risk splitting the Conservative Party."
"This is a historic decision and one the Prime Minister is well placed to make. Theresa May has the vision and has put the law in place to leave the EU. However, there are political challenges ahead. There is a need to overcome fear of the future. In leaving the EU the UK will have a new relationship with it based on trade without political convergence," Jacob Rees-Mogg said.
Ahead of the meeting at the PM's Chequers country house, the UK Foreign Minister Boris Johnson expressed hope in his Twitter post that all MPs can come to an agreement on Brexit.
The rift between the 'hard Brexiteers' and the 'Remainer faction' has affected the unity in the ruling Conservative party and the projected image of Theresa May among EU politicians.
READ MORE: Tory Remainers Threaten Open Rebellion if May Reneges on Brexit Vote Pledge
The Environment Minister Michael Gove said on Wednesday he doesn't think any ministers will resign following the Friday meeting.
It is unclear what May will present to her cabinet. However, there are expectations she will offer a compromise on customs, supported by some companies and several ministers.
READ MORE: Brexit Brawl: UK Businesses Reportedly Stand Up to Government Customs Plan