The latest I've read on the "deal" the EU intends to offer is that Merkel has already ruled out a "EEA+" deal, i.e. the UK will NOT get a better deal than Norway. Instead, Germany intends to offer an "EEA-" deal, which means: (i) Access to single market, (ii) No "passporting" for banks, and (iii) No control over migration from the EU. "Passporting" is the process via which banks are able to operate in other EU countries: they have a "passport" which allows them to do so. If UK banks lose passporting, it will be TERRIBLE news for them, and in reality would mean that a lot of banking operations would have to move to the EU, probably Frankfurt, Paris or Amsterdam. The only other option is to simply leave the EU and not have access to the single market.
The deal above would be bloody terrible, as we would lose massive amounts of tax revenues and jobs as banks move to the EU, and we wouldn't even gain control over immigration. It would not be palatable for either the 52% of voters who wanted to leave, nor the 48% who wanted to stay. If this was the only deal, then we would probably have to go to a second referendum: a straight in or out, where out really means OUT, i.e. no access to single market whatsoever. In this case, it is likely that we would vote IN in the second referendum.
However, France intends to gazump this deal, by offering full control over immigration. This deal would be far superior for the 52% of people who voted to leave, obviously, but also note that the main losers here are the banks: the City would be crippled, the banks hobbled and forced to move to the EU, but many on the left would gleefully relish this possibility. It would be a much easier sell. In this case, it may not go to a second referendum vote; we may leave the EU on these terms, and accept the permanent loss of jobs and tax revenue.
The winners, of course, are France and Germany, where it is likely that financial services will relocate after they leave London. Huge boost for them, not just jobs and tax revenues, but also in global standing and political clout.
I may start brushing up on my French.