Britain and the European Union appeared close to clinching a long-elusive trade agreement on Wednesday, raising hopes that the estranged allies were now set to avoid a turbulent economic rupture on New Year’s Day.

A reporter with Britain’s Daily Mail said a deal had already been done, and rumours flew that British Prime Minister Boris Johnson would make an announcement on Wednesday evening.

But there was no official confirmation from either side that the months of tortuous negotiations had reached a conclusion.

A source at the EU’s executive Commission said talks were still under way – though in their “final stages” – and one EU official cautioned against excluding the risk of a “no deal” scenario on Jan. 1, saying: “It could still go either way.”

A British government source was also cautious, saying: “Negotiations are ongoing.”

Still, three diplomatic sources in the bloc told Reuters that member states had started to prepare their procedure to implement any deal from Jan. 1, if one was agreed.

Since formally leaving the EU on Jan. 31, the United Kingdom has been negotiating a free trade deal with the 27-member bloc in an attempt to ease its exit from the EU’s single market and customs union at the end of this year.