The Bayeux Tapestry, depicting the 1066 Norman Conquest, is set to return to England for the first time in 900 years - although only for a limited time.
The loan deal is expected to be announced during French President Emmanuel Macron's state visit to the UK.
Under the landmark agreement, the tapestry will be temporarily exchanged for the Anglo-Saxon treasures of the Sutton Hoo ship burial.
It will include a warrior's helmet, sources told The Telegraph.
The swap deal of artefacts is expected to be made official at the British Museum on Wednesday, which is understood will house the tapestry.
With the medieval masterpiece being 224ft long, only a few institutions can safely display the tapestry, and with it being nine centuries since being in the country, it is expected to be a significant moment in British history.
The tapestry has been held across the Channel ever since it was created in the wake of the 1066 Norman Invasion.
During the battle, William the Conqueror seized the English throne from Harold Godwinson, the final Anglo-Saxon king, who is seen in the tapestry taking an arrow to his eye during the Battle of Hastings.
The tapestry stretches longer than an Olympic swimming pool at 68.3 metres
GettyThe Bayeux Museum in Normandy, France, has housed the tapestry since 1983, but due to renovations, it will close for two years from September.
The masterpiece attracts 400,000 visitors a year and, given its closure, gives an opportunity for it to be moved to England.
It comes after then Prime Minister Theresa May made plans to secure a loan for the tapestry, although concerns about its preservation stifled the deal being secured.
Sir Keir Starmer had spoken to History Extra in May about the "deep ties" the tapestry had between Britain and France.
He added that its "conservation and protection" was crucial and he trusted the Department for Culture, Media and Sport to liaise with their counterparts to organise a loan.
The tapestry is set to make its return to England after 900 years in France
GettyDetails on the specifics of the deal are yet to be confirmed, however, the deal is expected to be short-lived.
The Bayeux Museum's renovations are expected to open some time in 2027 with extensions catering for the housing of the tapestry.
British Museum Chairman, George Osborne, has long shown support in securing a short-term deal for the tapestry and in doing so, he had floated the idea of exchanging a number of ancient treasures around the world.
It included loaning the Elgin Marbles to Greece and the Asante golden artefacts, taken as a war indemnity by British troops, to a museum in Ghana.
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