Among other things, they will include a new assault weapons ban, universal background checks and limits on the number of bullets magazines can hold, sources familiar with the plans told the Washington Post.
Gun control groups have been invited to the White House event, Politico reported.
Obama's announcement is also expected to include up to 19 executive actions that the president can take without congressional approval.
Vice President Joe Biden outlined those proposals in a meeting with Congress Jan. 14.
They could include things like tougher enforcement of existing gun laws, making agencies provide data for required background checks and the appointment of a permanent director for the Bureau of Alcohol, Tobacco, Firearms and Explosives, CNN reported.
Obama tasked Biden with coming up with new gun control recommendations following last month's massacre at Sandy Hook Elementary School in Connecticut.
In a news conference Jan. 14, Obama said he had reviewed Biden's recommendations and would unveil his plan sometime this week.
"Will all of them get through this Congress? I don't know," USA Today quoted Obama as saying."My starting point is not to worry about the politics."