A shock projection, from pollster YouGov, has found that the Labour Party could win 257 seats, up from 232 seats in 2015.
In a stark contrast with previous polls, the YouGov model suggests that May could lose 20 seats and her 17-seat working majority in Parliament.
But does Mr Corbyn stand a chance of becoming Prime Minister next week?
Could Jeremy Corbyn be Prime Minster?
Back in April before Labour saw a surge in popularity, Mr Corbyn stressed that his party was in the race to win.
Asked if he would be the next prime minister, Mr Corbyn replied: "If we win the election, yes.
"And I want to lead a government that will transform this country, give real hope to everybody and above all bring about a principle of justice for everybody and economic opportunities for everybody."
Labour are catching up with the Tories in the latest election polls
He added: "We are campaigning to win this election, that's the only question now."
Labour have been gradually closing the gap behind the Tories in the polls since the announcement of the general election in April.
The surge came after Theresa May did a U-turn by proposing a cap on the so-called dementia tax which will make more pensioners pay for their own care.
The policy caused a row that forced the Prime Minister to confirm that her Government “will make sure there’s an absolute limit on what people need to pay”.
Snap election 2017: The pictures politicians may not want you to see Sat, May 27, 2017
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Jeremy Corbyn during a visit to Hackney Marshes Football Pitches, to highlight Labour's manifesto commitment to ensure 5% of the Premier League's television rights income is diverted to the grassroots game, during a General Election campaign
But while the Conservatives where suffering in the polls, Labour have been gaining ground after the launch of a left-wing manifesto which promised to renationalise the railways.
I want to lead a government that will transform this country, give real hope to everybody
Jeremy Corbyn, Labour leader
Will Labour win the election?
Odds aggregator Oddschecker shows that the Conservatives are still the firm favourite to win.
Labour Party are currently 5 points behind the Conservatives
Oddschecker spokesman Sam Eaton said: “The General Election is following the same pattern as most big political events from the last 12 months with the majority of bets placed on a dramatic change, but the big stakes are placed on the status quo being maintained.
“However, recent history has shown that the big punters can be wrong with the US election and Brexit both leading to significant losses for big bettors.”
Many brave punters are already convinced the outcome of the election is clear with multiple bets over £50,000 and one bet of over £320,000 on the Conservative party.
Jeremy Corbyn has risen in popularity ratings from -42 to -11
With just a week to go, voters and punters alike will have to wait and see if the polls and odds reflect reality.
“It has been a highly unusual few days in an election campaign, arguably unlike any other in history,” said Anthony Wells, of YouGov, earlier this month.
“There is no way of guessing what will happen in the two weeks to polling day but we will be able to be more confident about how voting intention settles down over the next few days.”