The Obama administration's proposed changes would alter the standards by which schools are deemed successful or not as well as eliminate the 2014 deadline for universal proficiency for American children.
The legislation set standards of learning for all schools and allocated money for students attending failing schools to leave them in favor of private or parochial institutions.
It benefited from bi-partisan support when it was passed, but has been widely viewed as unsuccessful, and Congress has wrestled with how to improve it for several years.
Reports indicate the Obama team will institute changes to the areas that educators found the most objectionable, specifically how funds are apportioned and the binary pass or fail evaluation system for schools.
The Obama proposal would see money allocated on the basis of academic progress rather than the percentage of low-income students in an area. It would also seek to divide schools into levels as opposed to simply classifying them as successful or not.
The changes would have to be approved by Congress which has been at loggerheads over how to improve the legislation virtually from its inception in 2001.
The 2014 deadline that was described as "utopian" by Education Secretary Arne Duncan would be replaced with the goal that all students leave high school ready for college or a career.