Bertie Ahern and Tony Blair may travel to NI on Tuesday
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Speculation is mounting that the UK Prime Minister Tony Blair and Irish Taoiseach Bertie Ahern might travel to Belfast on Tuesday to stamp their approval on a deal negotiated by Sinn Fein and the Ulster Unionists.
A statement issued by Downing Street on Monday said that Mr Blair "stands ready to do whatever is necessary" to assist the Northern Ireland political process.
BBC NI's political editor Mark Devenport said it was his understanding that the negotiations between the UUP and Sinn Fein had ended.
The deal would pave the way for a fresh Assembly election.
Political sources indicated on Monday evening that elections will be held on Wednesday 26 November.
Northern Ireland's devolved administration was suspended a year ago amid allegations of IRA intelligence-gathering in the Stormont government.
Assembly elections were postponed in May but there is speculation over an autumn poll.
On Monday, crowd control barriers were erected at Hillsborough Castle, thought to be an indication that a visit by Mr Blair could be imminent.
David Trimble and Gerry Adams have concluded their negotiations
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At Stormont, the Sinn Fein President Gerry Adams and the Ulster Unionist leader David Trimble held at least two meetings on Monday.
Speaking after one set of talks, which lasted only 40 minutes, a unionist source said the discussions had "gone as far as they can go".
The source said others now had to take responsibility so that circumstances would create a new momentum in the next 24 to 48 hours.
Sinn Fein described the discussions as being at a very sensitive stage.
Former assembly member Conor Murphy, who was involved in the negotiations, said it was make your mind up time.
BBC NI security editor Brian Rowan said a number of talks sources had given their most optimistic forecast yet.
They suggest that a deal is "both possible and imminent".
Meanwhile, Mr Blair has had more discussions on the phone with Mr Ahern on Monday.
Mr Blair cancelled a number of engagements as he recovered from the medical treatment he received at the weekend for an irregular
heartbeat.
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The prime minster has a very stark choice: no inclusive Assembly, no inclusive executive - what then?
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However, when questioned about Mr Blair's ability to fly to Northern Ireland for an announcement, the Downing Street spokesman insisted that the prime minister stood ready to do whatever is necessary.
Negotiators from the UUP and Sinn Fein held talks lasting more than 12 hours at Hillsborough Castle on Sunday.
The unionists want a significant move by republicans to indicate that all IRA activity is at an end.
The Ulster Unionist leader David Trimble said an inclusive administration could not operate unless republicans made it clear they were going to operate by exclusively peaceful and democratic means and did what was necessary to build confidence.
"If they cannot do that, then the prime minster has a very stark choice: no inclusive Assembly, no inclusive executive - what then? - if he's going to have elections, he's going to have to answer that question," he said.
"Sensitive stage"
Republican sources have told the BBC that Mr Trimble's speech at his party's conference on Saturday was "a helpful attempt to create room for manoeuvre".
He told party delegates in Armagh that republicans had to demonstrate a commitment to ending paramilitarism for good.
However, he conceded that political progress in Northern Ireland could proceed without IRA decommissioning being completed immediately.
Decommissioning of weapons, an end to paramilitary violence and the winding up of paramilitary organisations had to take place, he insisted.
Speaking on the BBC's Politics Show, Sinn Fein's Mitchel McLaughlin said he hoped an election would be announced this week.
On Saturday, PUP leader David Ervine said he believed Mr Trimble and Sinn Fein President Gerry Adams were close to a deal.