A new analysis shows Labour could govern if they team up with the SNP after a snap General Election.
The study raises the prospect of Brexit being overturned because the Nationalists would probably demand a second referendum as the price of a deal with Labour.
If Mrs May loses the Commons vote on her deal next Tuesday, she is likely to face a vote of confidence from opposition parties.
If she lost thanks to rebel Tories turning against her, Mr Corbyn would have two weeks to try and form his own Government.
But he would almost certainly fail – meaning a General Election would take place in mid-January.
Alternatively, the PM could call an election herself, to be held on January 10 at the earliest.
An analysis of the latest polls by Electoral Calculus shows the Tories would hold on to their position as the largest party.
But at 286 MPs, they would be far short of a majority – and just three seats ahead of Mr Corbyn's Labour.
Even with the support of the DUP or the Lib Dems, Mrs May would be unable to govern if those results came to pass.
The only plausible combination would see Mr Corbyn team up with the SNP, who are predicted to have 43 MPs.
The two parties would together hold a majority of just two seats in the Commons.
Labour have previously said they won't enter a formal coalition with the Nationalists – but haven't ruled out a confidence and supply agreement similar to the one between the Tories and DUP.
The SNP is keen to overturn Brexit and would push Mr Corbyn to back a second referendum as the price of a deal.
They may also seek to force another vote on Scottish independence if they end up supporting Labour in power.
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