Both Houses of Parliament will leave the Palace of Westminster for six years under a plan to be put forward by MPs and peers reviewing the need for restoration work.
MPs would move to the Department of Health’s Richmond House building on Whitehall, while the Lords could relocate to the Queen Elizabeth II conference centre opposite Westminster Abbey.
A range of options for the refurbishment programme was proposed by consultancy firm Deloitte last year.
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They said the cost of the project could range between £3.5bn and more than £7bn – depending if one or both of the Houses of Parliament intended to stay on site during the works.
The restoration committee will today recommend the cheapest of the plans, with restoration work reportedly set to begin in 2022.
According to The Times, the proposal has the support of No 10 although both the Commons and Lords will need to approve the plans.
A Downing Street spokesperson said: “We're awaiting a report and will respond in due course.”