The US and Nato have been clear that allies must significantly raise their defence spending to 5 per cent of GDP in the face of growing Russian aggression.
But the UK has been working to push back the deadline amid spending pressures, proposing a new deadline of 2035 with a review in 2029.
The final text for a joint statement has reportedly already been drawn up and includes this plan.
The delayed deadline would mark a diplomatic victory for the UK and will be sigh of relief for Chancellor Rachel Reeves, buying her more time to finance the commitment.
The UK currently spends 2.3 per cent on defence, which is due to rise to 2.5 per cent in 2027.
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The alliance has been split over the new increase, which has been spearheaded by the US whose ambassador said it was non-negotiable.
Poland is leading the way on defence spending at more than 4 per cent, and is due to reach the 5 per cent target by next year, and shares a border with Russia.
Spain, which spent just 1.24 per cent of GDP on defence last year, has said it will not commit to the 5 per cent commitment, claiming it can achieve its Nato military requirements with less than half as much money.
“We fully respect the legitimate desire of other countries to increase their defence investment, but we are not going to do so,” Spanish Prime Minister Pedro Sanchez said.
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