According to the report, Obama and Senate Democrats will propose an "ambitious" Senate bill, that will push for a path for most of the 11 million illegal immigrants now in the United States to gain citizenship.
Fox News reported some Republicans want "a more step-by-step reform" package and said last week they will "oppose measures that stop immigrants who gain legal status from eventually becoming citizens."
The president is expected to announce his plan, perhaps during his State of the Union address next month on Feb. 12, the Times reported.
Immigration reform was a key focus of Obama's 2012 presidential re-election campaign and resulted in higher voter turnout among Latinos for the President.
On Sunday, Reuters spoke to administration officials who explained, "We are still assessing our options. No decisions have been finalized and as a result it would be premature to speculate—reports to the contrary are inaccurate."