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The Opposition, mainly the Bharatiya Janata Party (BJP) and the Left forces, have been pressing for the JPC to probe the 2G and other scams.
The Prime Minister may announce a 21-member JPC soon after inducting a new minister in the cabinet, sources believe.
Congress MP from Kerala PC Chacko may head the committee.
The Congress-led United Progressive Alliance (UPA) had been opposing the JPC demand saying the 2G probe, being conducted by the Criminal Bureau of Investigation (CBI) and Enforcement Directorate was enough.
The Congress, however, agreed to set up the committee with time bound provision and with a reasonable time frame.
A motion for constituting the JPC is likely to be moved in Parliament on Thursday by Telecom Minister Kapil Sibal.
The motion would then be referred to the Rajya Sabha for its concurrence.
The BJP had earlier demanded an announcement of the JPC on Tuesday but it is believed to have agreed with the Centre's proposal at a business advisory council meeting.