The first version of Brexit deal was voted down by an overwhelming margin in January.
Mrs May, who is now chairing a cabinet meeting, has said Tory MPs will get a free vote on Wednesday evening's motion.
"Since her Brexit deal was so overwhelmingly rejected, the Prime Minister has recklessly run down the clock, failed to effectively negotiate with the European Union and refused to find common ground for a deal Parliament could support".
Wordsworth's dancing daffodils do look golden in Downing Street but inside Number 10, where Britain's embattled Prime Minister is holed up nursing a sore throat after non-stop negotiations with Brussels over her Brexit deal, the mood is anything but sunny.
That means Tory MPs can vote with their conscience rather than following the orders of party managers - an unusual move for a vote on a major policy.
EU leaders have warned that Britain will need a "credible justification" to delay its departure from the union.
He said: 'The PM said the choice was between her deal and no deal. Such a move would have to be agreed by every member state.
But although she managed to convince about 40 Tory MPs to change their mind, it was not almost enough to overturn the historic 230 vote defeat she suffered on the same deal in January.
Despite Tuesday's defeat, the BBC News political editor Laura Kuenssberg said, there were ministers who believed it could still ultimately prevail as other options gradually fell by the wayside due to lack of parliamentary support.
The Chancellor is said to have pushed. The country is divided, parliament is divided, the cabinet is divided, the government is divided. She won the vote by 412 to 202.
Numerous EU leaders expressed their dismay after MPs voted by 391 to 242 votes to reject Mrs May's deal.
Earlier in the day, British MPs also rejected another amendment that sought to delay Brexit until May 22 by extending the Article 50 of the EU's Lisbon Treaty.
Some of them believe it's time now to go hell-for-leather to leave without an overarching deal but move to make as much preparation as possible, and fast.
In a later exchange, with the Conservative pro-Brexit MP Peter Bone, May expressed her scepticism about the so-called Malthouse compromise, outlined in an amendment to Wednesday's motion, which calls for the United Kingdom to leave the European Union without a withdrawal agreement, but with a form of transition period to lessen the impact of no deal.
Discussions with the DUP are ongoing, but no formal decision on the next vote has yet be announced. The lawmakers then supported the idea of replacing the backstop provision, which has caused the most controversy in parliament, with alternative arrangements.
The government will publish guidance for businesses on tariffs and proposals for the Irish border in the event of no deal on Wednesday morning.
Under a temporary scheme 87% of imports by value would be eligible for zero-tariff access - up from 80% at present.
May told Bone this was not realistic: "The EU have made it clear there will be no agreement without a withdrawal agreement, and that includes what we have already negotiated on citizens' rights, a financial settlement and a Northern Ireland protocol". "So can the prime minister tell us, exactly what her plan is now?"