The institution is due to meet on Thursday (8 December) and policymakers will seek to implement more measures to boost the region's struggling banks, according to the Financial Times.
Officials have apparently come to the conclusion that should lenders remain in their current embattled state for much longer, the economic area as a whole could face another period of recession.
With this in mind, they are eager to provide "more aggressive support" to banks and the continent's "strained" government bond markets, the report added.
Erik Nielsen, chief economist at UniCredit, commented: "The ECB has to put the bandages in place to reduce the risk of a big accident before the eurozone fiscal plan is finally put in place."
This comes after sources close to the institution recently indicated to Reuters it may consider giving banks in the region extended loan terms.
By Tony Aynsley