According to the media outlet, the blueprint will be released next month and is expected to have the support of 60 to 80 Conservative lawmakers.
The plan has not been fully formed yet, but it might reportedly allow for a Canada-style free trade agreement if the European Union agreed to relax its demands on the Irish border.
The effort is reportedly led by Jacob Rees-Mogg, chairman of the European Research Group focused on Brexit.
Brussels' chief negotiator for Brexit, Michel Barnier voiced some concerns about the latest white paper on Brexit, presented by May's government in July. The United Kingdom proposed, in particular, to collect some taxes on goods on behalf of the European Union.
International Trade Secretary Liam Fox said earlier this month that he saw the chances of no deal Brexit as 60 to 40.