Leader of the Commons Robin Cook is expected to outline a timetable for the vote on Thursday.
It could mean a ban would be in place as early as 18 months' time.
The Commons has voted twice to ban hunting since Labour came to power, but a ban was blocked by the Lords in the run-up to last year's election.
The move is being seen as an attempt to regain the initiative after a poor week for the government, dominated by the troubles of Transport Secretary Stephen Byers.
Tortuous process
MPs and peers are likely to be given "indicative" votes on three options - an outright ban, regulation of hunting or no change - in about two weeks' time.
The Commons is expected to vote for a ban, and the government is hoping that the Lords will vote for regulation, rather than for no change.
This would open the way for politicians to draw up a bill offering a compromise, which could be pushed through in the next session of Parliament.
BBC political correspondent Norman Smith says that if a compromise is not agreed, a tortuous legislative process will have to be undergone.
The government would have to use the Parliament Act, which allows it to push legislation which has been obstructed by the Lords.
This could involve a lengthy clash between the two Houses of Parliament, which could stop other legislation going through, and a possible showdown between the government and the countryside lobby.
Compromise possible
Scottish MSPs voted to outlaw the practice of hunting with dogs earlier this month.
Labour former minister Tony Banks, an ardent hunting opponent, told BBC News on Wednesday: "Right is on our side. The elected House is on our side. The majority of public opinion is on our side.
"What more do you need to have in a parliamentary democracy in order to triumph?"
John Jackson, chairman of the Countryside Alliance, indicated that pro-hunters might consider the compromise deal with licences issued by an independent body.
Welfare focus
"There is a strong body of opinion forming up behind the idea that hunting could be the subject of a licensing system and a degree of openly accountable regulation," he said.
Such a compromise is unlikely to satisfy many anti-hunting campaigners.
Mike Foster, the Labour MP who introduced his own bill to ban hunting in 1997, said he was confident the Commons would vote again for an outright ban.
There has been criticism of the legislation in Scotland, which faces legal challenges in the courts.
But Mr Foster told BBC Radio 4's Today programme it was not "beyond the wit of man" to draw up legislation which focused properly on the "suffering of animals".