LONDON (Reuters) – Britain and the EU have reached agreement on a Brexit divorce bill of between 45 and 55 billion euros, the Daily Telegraph newspaper reported on Tuesday, citing unidentified sources.

If they have agreed on the bill, it would signal that they are moving much closer to a deal at a Dec. 14-15 summit that would allow them to move onto discussions of post-Brexit trade.

The newspaper said that an agreement in principle has now been reached over the EU’s demand for a 60 billion euro ($71 billion) financial settlement.

It said the final Brexit bill, which is deliberately being left open to interpretation, will be between 45 and 55 billion euros.

The European Commission declined to comment on the report but a British government official said he did “not recognise” the newspaper’s account.

Sterling GBP= rallied around 1 percent against the U.S. dollar on the Telegraph report, but pared gains after the official said he did not recognise the report.

The two sides already believe they are quite close on agreeing the scope of rights for expatriate citizens in Britain and on the continent.

The third key criterion for moving to Phase Two, an outline agreement on how to avoid the new EU-UK land border disrupting the peace in Northern Ireland, remains a potential stumbling block.

British Prime Minister Theresa May is due to meet President of the European Commission Jean-Claude Juncker and European Union Brexit negotiator Michel Barnier on Monday.

The EU says any British move needs to come by around that date if leaders meeting at the Dec. 14-15 summit are to be able to endorse a move to a new phase of talks, to include future trade relations.