The warning has been put in place from 6pm until 11.55pm.
It is looking increasingly likely however that as temperatures drop on Monday evening any showers will turn wintry.
Meanwhile up to four inches of snow is forecasted to fall on high ground across parts of Scotland over the next few days.
Exacta Weather forecaster James Madden has urged Brits to brace for schools to be closed and public transport to be severely impacted.
"On Tuesday, the further west you go the more likely you are to see snow showers", he said.
He said: 'We are currently in the calm before the storm, there are now strong signals for a potent wintry blast to arrive early next week.
He said: "We are about to go into another period of very cold weather and once again it is worth pointing out that we may have to go back a few years to the last time we experienced anything of this stature or potency".
'Westerly winds will clash with colder air to deliver widespread and heavy snow showers across some large swathes of the country.
The yellow warning for snow and ice covers all of Northern Ireland and all of Scotland and the Western Isles - except for the east coast.
"If this happens according to the output from current computer models it will be very cold with extreme biting winds especially in the north and this could bring outbreaks of heavy snow, blizzards and thundersnow".
Met Office forecaster Matt Box said: "A cold front will come down on Monday and it will herald the arrival of polar maritime air mass across the United Kingdom and, that being a cold air mass, temperatures are going to feel a lot colder".
Areas covered by the warning include: Central, Tayside & Fife, Grampian, Highlands & Eilean Siar, Orkney & Shetland, South West Scotland, Lothian Borders, Strathclyde and Northern Ireland.
'The snow will initially hit many northern and western areas and persist over several days, before impacting many other parts of the country at times during next week.
In addition some roads and pavements may become icy, increasing the chance of injuries from slips and falls.