Ministers are reportedly planning to remove around 40 countries from the category, including Mexico, Brazil and South Africa.
Passengers returning from the removed countries will no longer have to isolate in a hotel for 11 nights at a cost of more than £2,000.
On Wednesday, the UK Foreign Office lifted advice against non-essential travel on Covid-19 grounds for 32 destinations around the world.
According to The Guardian, government insiders are "increasingly confident" the move to slash the red list is safe, due to the current Covid vaccines’ effectiveness against the Delta variant.
However, the paper also reported a source with "knowledge of the discussions" surrounding the plans to scrap PCR testing in time for the October half-term said the idea was still "up in the air" and "not settled yet".
The final decision on the red list is expected to be announced on Thursday (7 October).
