The White House and Senate Republicans have reached a deal to avert the "fiscal cliff", U.S. media reported Monday night.

A source was quoted as saying that the Democratic Senate Majority Leader Harry Reid and House of Representatives Minority Leader Nancy Pelosi had signed off on the deal.

Report said the plan would include revenue increases and a two-month delay for the automatic spending cuts.

A vote is possible in the Democrat-led Senate late Monday but the Republican-controlled House is not likely to hold a vote until Tuesday on legislation to avoid the "fiscal cliff", a combination of tax hikes and spending cuts which would begin to take effect on Jan. 1.