The Bancroft family, which owns a controlling share in Dow Jones, is set to meet to discuss the sale of the business to Rupert Murdoch's New Corp.
The Wall Street Journal is produced in the US, Europe and Asia
Advisers will brief the family on a tentative $5bn (£2.5bn) deal approved by the Dow Jones board last week.
The family - which holds a 64% stake in the Wall Street Journal owner - is then expected to consider the matter for several days before taking a vote.
If it does go ahead, the deal could reshape the US media landscape.
A successful bid would bring Dow Jones publications into the same stable as News Corp's New York Post in the US, and The Sun and The Times in the UK.
However, unions and journalists have voiced concern that the proposed takeover could lead to the Wall Street Journal losing its independence.
Last week, the company's German director Dieter von Holtzbrinck quit the Dow Jones' board saying he was "very worried" about the impact of the bid on the Wall Street Journal and its editorial independence.
In an effort to dispel fears that Mr Murdoch may interfere in the running of the paper, the media giant has already promised to establish "an independent, autonomous editorial board" for the newspaper if his bid for Dow Jones is accepted.
The offer represents a 65% premium on Dow Jones' share price at the time the deal was announced.
Several Bancroft family members have been looking for alternatives to Rupert Murdoch's News Corporation, and have courted other potential investors.
But no-one has come forward with an offer that trumps News Corp's $60-a-share price.