Qantas is close to finalising the biggest shake-up of its loyalty program, allowing travellers to book more flights using fewer Frequent Flyer points for the first time.

The new scheme was likely to be called Classic+ and convert one Frequent Flyer point to 1¢ for economy flights, two sources close to the discussions who were not authorised to speak publicly told The Australian Financial Review. The conversion is likely to be more generous for higher cabin classes, they said. At its base, however, that would mean a $100 flight would cost 10,000 Frequent Flyer points under the proposed scheme.