A deal which would see Universal open a major new theme park in the UK to rival Alton Towers could be announced in the coming weeks, according to reports.

The Financial Times has said ministers are nearing an agreement with Comcast’s Universal Destinations and Experiences (UDX) to develop a 476-acre site near Bedford.

Plans for the site have been in the public domain for some time, with Universal claiming the project would provide a £50bn boost to the UK economy and be open 365 days a year in a report released last summer.

The company is aiming to attract millions of visitors a year to the site which would also feature a 500-room hotel.

UDX acquired the site in late 2023 and is slightly smaller than Thorpe Park which is 490 acres. By comparison, Alton Towers is 550 acres.

The business said the project would generate 20,000 jobs during the construction period and, at peak times, there would be 5,000 workers on site.

Negotiations, ongoing since the previous summer, have intensified recently with both parties hopeful for an imminent announcement.

While discussions are still in progress, the proposed theme park aligns with the government’s broader plans for the Oxford-Cambridge Arc, which include the East-West rail project and the expansion of Luton airport to enhance regional connectivity.

The Treasury has been in talks with Comcast to offer incentives such as infrastructure improvements to support the development.

Enhancements to Luton airport are considered crucial for facilitating increased international access to the site.