Tanaiste Leo Varadkar has said that the government will aim to ease restrictions for close to two weeks over Christmas, but that it will be a phased reopening.
The Fine Gael leader said retail, gyms, hairdressing and personal services will be the first to reopen.
However he added the hospitality industry, including restaurants and gastropubs, could still open next week too.
Government officials are currently meeting to finalise the arrangements for next month as Level Five comes to an end.
The 5km travel limit is one restriction that looks set to be lifted on December 1.
Officials are also understood to be planning for up to three households to be allowed to gather together over the festive season, RTE News reports.
As it stands, non-essential travel outside your own county will stay banned on December 1, but travel across the country is also expected to be allowed for Christmas week.
It comes as Taoiseach Micheal Martin is understood to favour a move to a slightly modified Level Three, although varying restrictions will likely be put in place in stages throughout December.
NPHET is meeting today to offer its final recommendation to Government before the big Christmas decision is made.
Dr Tony Holohan and the other members of the team including Dr Ronan Glynn and Professor Philip Nolan will discuss the current Covid status in Ireland throughout Wednesday.
A recommendation is then expected to be sent to Health Minister Stephen Donnelly on Wednesday evening or sometime Thursday.
Cabinet will then meet for the second time later this week to sign-off on a final plan.
Taoiseach Micheal Martin will announce the new measures in an address to the nation shortly after.
It is currently believed that this final announcement will take place on Friday.
