"The committee on MCI has finalised its report after several rounds of deliberation on the issue with stakeholders and experts. It is likely to submit its report next week," a source said.
The panel has firmed up the view that MCI should be scrapped to increase the number of medical colleges in the country for producing more doctors in view of growing demand for healthcare services, the source said.
The three-member committee has proposed to set up an altogether new body with three pronged approach - career, enterprise and ethics.
Earlier this year, a parliamentary committee had called for revamping the MCI saying, it has failed in its role as a regulator which has led to a downfall in India's medical education system.
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The committee even asked the government to exercise its constitutional authority and take decisive action to restructure and revamp the regulatory system of medical education and practice.
MCI has failed to create a curriculum that produces doctors suited to Indian context, specially in rural and poor urban areas, the panel had said.
It also failed to maintain uniform standards of undergraduate and postgraduate medical education.
"There is devaluation of merit in admission, particularly in private medical institutions due to prevalence of capitation fees, which make medical education available only to the rich and not necessarily to the most deserving," the Committee said.
Also, the Council has failed to oversee and guide the continuing medical education in the country, leaving this important task in the hands of the commercial private industry.
It also failed to instill respect for a code of ethics in medical professionals and take disciplinary action against doctors found violating the code, the report said.