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It will include a proposal to inject capital into banks and to provide a standby facility to ensure UK banks have enough cash.
It is the government's attempt to stabilise the country's banking system.
It comes after a day of steep falls in UK banking stocks and a high-level Downing Street meeting.
Prime Minister Gordon Brown has held talks with Bank of England Governor Mervyn King.
Chancellor Alistair Darling and the chairman of the Financial Services Authority, Lord Turner, also took part in the discussions.
Downing Street denied it was an "emergency meeting", adding that it would focus on "ongoing action".
The BBC's business editor Robert Peston said the rescue plan would be unveiled within hours.
"In a UK context, this is a very big moment," he said.
(BBC)
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