The White House laid out details of measures, including expanding background checks on buyers of firearms, in a statement on Monday evening.
They are to be formally announced by the President later at the White House, ITV reported.
Among the proposals detailed in the statement, Mr Obama wants to require all gun sellers to register as dealers - even those who sell at gun shows and online - and to run background checks on all prospective purchasers.
The plans also include more funding for mental health treatment, FBI staff and the Bureau of Alcohol, Tobacco Firearms and Explosives agents.
Mr Obama has accused Republicans - and some Democrats - of being beholden to the gun industry lobby and opposing some measures he says a majority of Americans support, including expanded background checks on gun sales.
But the issue of gun control divides Americans, with many viewing any attempt to regulate firearms as a possible infringement on their constitutional rights to own guns.