Government sources have not entirely ruled out an early easing of restrictions before the end of the month.
Hospitality chiefs have called for an almost immediate return to normal trading hours after NPHET meets on Thursday.
Current restrictions including the 8pm closing time for indoor events and on the hospitality sector, are due to remain in place until January 30.
However, given there has been a significant drop in Covid cases and the numbers in critical care have remained stable, there is optimism that some restrictions could be lifted days before January 30 or very early in February.
A senior source said: “It is fair to say that the outlook right now is encouraging.”
The Irish Mirror also understands that Chief Medical Officer, Dr Tony Holohan met with Health Minister Stephen Donnelly on Monday and gave an update on the current trajectory of the disease.
Ministers believe there is scope to make decisions on reopening quickly this week given many health officials believe we are past the peak of the Omicron variant.
“It [reopening] may only be a few days earlier if it does happen but businesses will be given plenty of notice.
“There is cautious optimism that we are pulling through the worst of Omicron now and the public have to be applauded for their efforts.
“But we will have to see what NPHET has to say before any final decision is made,” another senior source said.
NPHET are due to meet on Thursday and although there are currently no plans for a second Cabinet meeting on Friday, a source said the Coalition leaders could move swiftly and make decisions before the weekend.
However, it’s expected pub and restaurant closing times may be extended to midnight rather than a return to normal trading hours.
Tanáiste Leo Varadkar has already stated the lifting of restrictions would happen on a phased approach throughout February.
The “mood within Government” is that the country should not lag behind other European countries in its reopening throughout February and March, another source has said.
They added: “I think it could be wise to push for a later closing time instead and see what impact that has on the virus.
“It’s hard to tell what impact increased socialisation will have this time given that so many people had Covid in recent weeks and there has been a significant uptake of the booster vaccines.”
