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By Aubrey Allegretti, political reporter

Theresa May is considering a new plan to help her solve the parliamentary deadlock over Brexit.

Its creation has been credited to Kit Malthouse, the housing minister, to unify the warring wings of the Conservative Party, and came about after peace talks between senior Leavers such as the Brexiteer ringleader Jacob Rees-Mogg and Europhile former minister Nicky Morgan.

Endorsed by Tory Brexiteers and Remainers, it is therefore known as the "Malthouse Compromise".

Sky News unpicks the latest addition to our growing Brexit jargon list.

:: What are the details?

There are two parts to it: Plan A, for how the UK will leave the EU with a deal, and plan B for how it will leave with a no-deal.

Downing Street has already set up a working group to examine its proposals, but the EU has ruled out changing the current deal.

Plan A would see the UK formally request two major changes to the withdrawal agreement struck with Brussels in November.

The first is asking to extend the transition period by one year - the temporary bridge between Brexit and the start of a new trade agreement.

Under the current deal it is due to last until the end of 2020.

But the Malthouse Compromise suggests delaying that until 2021, with the UK paying in more money, but allowing more time for a trade deal to be struck before the transition period ends.

The second is asking to change the backstop - the insurance policy that kicks in to prevent a physical border reforming on the island of Ireland if no trade deal is struck by the time the transition period runs out.

It could be changed, the plan says, to become a "basic free trade agreement" - a slimmed-down version of the full future relationship treaty.

Plan B would see the UK accept that a deal will not be struck by 29 March.

It would ask the EU to honour the transition period anyway - keeping the UK subject to law created in Brussels without representation in its institutions - but again for a year longer than planned.

Brexit will still have happened, but a standstill in the relationship will give more time to prepare for the implications of a no-deal divorce.

Crucially, the promise of citizens' rights being protected would remain.

:: What do Tory MPs say about it?

It has earned the backing of many influential figures in the party, including Solicitor General Robert Buckland.

Many of its backbench supporters have also been summoned for a meeting with the Brexit secretary to discuss how it could work in practice.

But some Remainer Tory MPs are still less than impressed.

Business minister Richard Harrington trashed it in a memo to colleagues, saying it "does not deliver an open border in Ireland". While Anna Soubry called it "shameful and embarrassing".

:: Does it have a chance of working?

Downing Street must certainly think so, given the prime minister declared she was "engaging positively" with the plan.

Tory MPs also voted last week to say they would support the withdrawal agreement if the backstop was stripped out and replaced with "alternative arrangements".

But the main problem will be convincing the EU.

It has ruled out the main proposal in plan A - changing the backstop.

And it has previously ruled out granting a transition period that only leads to no-deal.

:: What will happen next?

At the moment, the UK and EU sides have only confirmed their positions.

Mrs May is likely to have to head to Brussels to meet leaders there face-to-face and press harder for them to budge.

She has a loose deadline of Wednesday 13 February, after which, if Brussels has not budged, she will give MPs another chance to vote on her progress that day.