Senate Majority Leader Harry Reid (D-Nev.) is expected to announce on Monday afternoon that negotiations on the Senate’s final health care reform bill have concluded and that he is sending the measure to the Congressional Budget Office, according to Democratic sources.

Reid, during a 3:15 p.m. news conference, is also prepared to reveal the type of public insurance option the negotiators settled on for the final bill. The Democratic Conference will be briefed on the full package on Tuesday.

Reid huddled behind closed doors with Finance Chairman Max Baucus (D-Mont.), Sen. Chris Dodd (D-Conn.) and senior White House officials to arrive at the final package.

The bill is not expected to hit the floor for debate until the CBO has scored it.