The move could see the classification slashed from 54 countries to as few as nine, with South Africa, Brazil and Mexico expected to be opened up to quarantine-free travel in time for the October half-term break.
Cape Verde, Thailand and Indonesia are also due to be removed from the red list.
The changes, which will allow fully vaccinated travellers to visit the destinations without having to self-isolate on their return, are expected to be announced on Thursday (7 September) following a review of the current list.