It is believed the Executive will allow shops and part of the hospitality sector to reopen but bars not selling food must remain closed.
Close contact services such as hairdressers and nail salons will be permitted to reopen but by appointment only.
Gyms will be told they too can reopen but only for private training and not for classes.
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It is believed that the Executive could officially announce the details of the new plan later this evening.
The news comes only hours after a world renowned public health expert told the Stormont health committee that, due to the relaxation of restrictions over Christmas, she thinks Northern Ireland will be in lockdown in January or February again.
“I am very worried in the UK about the lifting of all the travel restrictions over that five day Christmas period,” Professor of Global Public Health Devi Sridhar told the committee.
“I know the tier system is not being used in Northern Ireland but it is a concern because there was that four nation agreement on the lifting of travel restrictions - I would say it’s something that should be on your radar because I think it will come as a massive shock to the system over the Christmas period,” she said.
To read more on this story go to - NI will be in lockdown in January or February Professor of Global Public Health Devi Sridhar tells Stormont health committee