According to Sky News, the low-cost carrier, whose Atol extension is due to expire at 23:59 on October 12, is currently “putting the final touches” to a refinancing deal based around its purchase of 45 aircraft in 2014.

The restructuring is understood to include sale and lease-back agreements which would allow Monarch to free up much needed cash.

The deal with Boeing is likely to contribute to a £165 million investment package alongside backing from the airline’s owners Greybull Capital, Sky News reports.

Monarch was granted a 12-day extension on its Atol renewal on September 30 by the Civil Aviation Authority (CAA) in order to secure further financial investment and assure the regulator it is fit to trade.

The Sky News report includes extracts from an email sent by Monarch chief executive Andrew Swaffield to its employees, in which, Swaffield says an announcement is unlikely to be made before the renewal deadline day this Wednesday.

"I was at the CAA on Monday and have been spending a lot of time over the last two days with our legal and finance teams, as we dot the i’s and cross the t’s on the largest investment in our history - on the back of which we expect the CAA to renew our licences and which will help us move into the next stage of our growth and development,” says Swaffield in the email.

"It’s been another busy week for all of us following the events of last Friday and the extension to our Atol licences.

"All parts of the business are working hard, both to keep things ’business as usual’ and maintain consumer and customer confidence, in the face of continued media and social media commentary and speculation.

"As soon as we are able to give details of our investment and confirm the renewal I will.

"But to manage your expectations, this will be on the 12th (Wednesday).

"As said before, there is a process the business must follow and this takes time."

Monarch, Boeing and Greybull Capital were all unavailable for comment, Sky News reports.