UPDATE 1-Agreement on Brexit extension may happen next week - Spain

Spain's foreign minister said on Wednesday an agreement by the European Union to extend Brexit may only happen next week, just before March 29, when Britain is due to leave the bloc.

"You know in Europe we always get a solution at the last minute," Foreign Minister Josep Borrell told Reuters, adding there "will be another occasion next week for taking the definitive solution." Borrell said the outcome will depend on what British Prime Minister Theresa May tells a summit of European leaders on Thursday. "Maybe tomorrow is not going to be enough and we have to jump over ... to just before the deadline," he said.

He was speaking shortly before May requested on Wednesday a three-month delay to Brexit after failing to get her deal to leave the EU ratified by parliament. Borrell said Spain was "ready to give more time" to Britain and Madrid would look for every possibility to avoid a hard Brexit without an agreement.

"Frankly, it would be very disappointing if we are not able to reach it (an agreement)," he said. (Reporting By Belen Carreno, writing by Axel Bugge, editing by Andrei Khalip)