It would see the UK and EU continuing the regulatory alignment that exists today, and the formation of a new customs union similar to the existing one, the centre-left IPPR said.
It would allow tariff-free trade, and the UK to benefit from EU trade deals.
IPPR director Tom Kibasi said it "honours the referendum result" while securing Britain's economic interests.
The group said that the EU would also benefit from the scale of the UK's economy in future trade negotiations.
The group believes that a new shared market model would aim to keep the benefits of single market while allowing divergence from EU rules over time
The proposal would mean no interruption to the UK's trade with the EU and avoid a hard border between Northern Ireland and the Republic of Ireland, the report says.
The think tank says the plan is more ambitious than that demanded by Remain campaigners for the UK to enter the European Economic Area (EEA).
The shared market would include agriculture, fisheries and a customs union, and thereby eliminate the need for customs and compliance checks that exist between EEA countries and the EU. It cited the number of border checks between Norway and Sweden - about 229,000 in 2016 alone. [...]
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