Lord Browne, the former chief executive of BP, wants to remove the current £3,225 limit on fees. This means that fees could rise by as much as £1,000 each year until they are almost five times higher than they are now for some courses.
Leading research universities could charge students an estimated £7,000 a year while fees for science undergraduates could rise to £14,000.
The panel is due to report its recommendations in the autumn. Labour and the Conservatives have refused to state their policies on a fee rise in advance of the review although 40% of Labour candidates and 10 Conservative candidates have pledged to vote against any rise.
The Times are reporting that the review may also be upset by the rise of the Liberal Democrats, who oppose the tuition fee system and would phase out fees over a six year period.
Their opposition has been welcomed by Wes Streeting, NUS President, who called removal of the cap a “nightmare scenario”.
“It would lead to students choosing courses on the basis of cost rather than suitability,” he said.
The news comes as students prepare to vote on Thursday in record numbers. NUS/Endsleigh research shows 75% of students intend to cast their vote on polling day, with more than two-thirds set to be swayed by the parties' approaches to top-up fees.
The General Election promises to be the closest in a generation. The prospect of a hung parliament is a real possibility, and the power of the student vote is huge. This election is your chance to influence prospective parliamentary candidates and have your say on the issues that affect you.
You can find out what your local candidates position on fees is here. To find out more about Vote for Students, click here.