Prime Minister Boris Johnson tweeted: "We've got a great new deal that takes back control."
Jean Claude Juncker – President of the European Commission – also revealed the news in a tweet, adding that the proposed deal is "a fair and balanced agreement for the EU and the UK".
Under Johnson's newly negotiated agreement, a customs border will be drawn down the Irish sea – meaning that Northern Ireland will have a different customs arrangements to the rest of the UK.
The new arrangements would mean that NI is legally in the UK's customs territory, but would it would apply the EU's rules and procedures on tariffs.
It would also be aligned with the rules of the single market for industrial goods and agri-food products.
Johnson and Juncker will now work to obtain the approval of both the UK and European parliaments. Both parties have urged their respective parliaments to back the deal.
However, it has become clear that Northern Ireland's Democratic Unionist Party (DUP) will not support the deal as they disagree with customs issues, consent issues a general "lack of clarity on VAT".
Initial reports on Wednesday suggested that the DUP had agreed to terms, only for DUP chief Arlene Foster to shoot down such claims, noting that her party was holding out for "a sensible deal which unionists and nationalists can support."
In a statement issued by Foster and Nigel Dodds on Thursday morning, DUP leaders categorically stated that they "could not support" the latest proposed Brexit deal in its current form.
"We have been involved in ongoing discussions with the [UK] government," the statement began.
"As things stand, we could not support what is being suggested on customs and consent issues and there is a lack of clarity on VAT.
"We will continue to work with the government to try and get a sensible deal that works for Northern Ireland and protects the economic and constitutional integrity of the United Kingdom."
Labour leader Jeremy Corbyn – long time disparager of the Conservative party – also expressed dismay at the proposed deal, saying it sounded "even worse" than what was negotiated by the PM's predecessor, Theresa May, and "should be rejected" by MPs.
However, former Theresa May also boasted a number of proposed deals that got rejected – meaning we shouldn't be holding our breaths just yet.
Regarding extensions, MPs passed a law in September that requires the PM to request an extension on 19 October if Parliament has not agreed on a deal or backed leaving without a deal by that date.
READ MORE: Explainer: What Is The Brexit Backstop?