The former UKIP leader said the Brexit deal breakthrough, announced by Downing Street last night, would leave Britain “trapped” inside the EU.
Appearing on ITVs GMB, Farage launched a scathing attack on the Prime Minister and her Brexit deal as she prepares to convince senior cabinet ministers to back her plan at a special meeting at 2pm today.
The MEP said he believes both the cabinet and parliament could “collapse” over the deal, suggesting cabinet ministers will resign in protest.
He told GMB: "We're giving away in excess of £40 billion in return for precisely nothing.
“Trapped still inside the European Union's rule book, continuing free movement of people, continuing with a foreign court having a say over our own country.
“Nothing has been achieved other than giving away a huge sum of money."
BETRAYAL: Nigel Farage said Theresa May's proposed deal will leave Britain 'trapped' in the EU (Pic: GETTY/GMB)
In a stinging assessment of the PM, he described her as "not just the worst prime minister I've ever seen but perhaps the most dishonest one as well".
He added: "Get rid of her. Let's get somebody else, let's come back to the EU and say 'look, let's have a simple free trade deal or we are leaving on WTO (World Trade Organisation) terms'. And do you know what? They'll bite our arms off."
Asked what he thinks will happen next, he said: "I believe that the Cabinet will collapse, I believe that Parliament will collapse.
"I think we have a career political class who will put their own reselection within their parties above the interests of the nation and our democratic system."
PERSONAL ATTACK: Farage called for MPs to 'get rid of' Theresa May over Brexit (Pic: ITV)
“I believe that the cabinet will collapse”
Last night the PM pleaded with her cabinet ministers to act in “the national interest” and back her compromise deal with the EU.
After two years of protracted negotiations, EU and UK officials finally drafted an withdrawal agreement that Mrs May will present to a special cabinet meeting today.
Initial reaction to Mrs Mays deal, however, does not bode well for the fate of Brexit, with MPs from all parties expressing opposition.
JUDGEMENT DAY: Theresa May will present her Brexit deal to the cabinet today (Pic: ITV)
MP for Lagan Valley Jeffrey Donaldson has warned Mrs May that he and the other nine DUP lawmakers propping up her government cannot support her Brexit deal in its current form.
He confirmed his party, whose MPs guarantee Mrs Mays working majority of 13, would not vote for her withdrawal agreement in the House of Commons, dealing a blow to her chances of parliamentary approval.
Donaldson, claimed the deal would “leave Northern Ireland behind” and compromise the constitutional integrity of the UK, making its break-up more likely.
"From what we have seen and heard we do not believe this deal is the best deal," Donaldson told the BBC.
"This deal has the potential to lead to the break-up of the United Kingdom and that is not something we can support."