The draft text, which sets out the political framework for the future relationship, has now been sent to the other EU 27 member states for their endorsement, Tusk tweeted.
"The declaration establishes the parameters of an ambitious, broad, deep and flexible partnership across trade and economic cooperation" and other areas, according to a copy of the document seen by the AFP news agency.
The announcement follows a meeting late Wednesday in Brussels between UK Prime Minister Theresa May and European Commission President Jean-Claude Juncker.
"The Commission President has informed me that it has been agreed at negotiators' level and agreed in principle at political level, subject to the endorsement of the Leaders," Tusk said.
The UK and EU have already reached a draft withdrawal agreement on how the UK would leave the EU -- a deal that sparked multiple resignations from May's government last week and moves from within her own party to topple her from the leadership.
EU leaders are due to meet Sunday in Brussels for a summit at which the 585-page withdrawal agreement and the substantially shorter political declaration could be signed off.
Although the threat of a leadership challenge appears to have receded somewhat, May still faces an uphill struggle to get the Brexit deal through the UK Parliament.
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