The government won't confirm any specific dollar figure, but there are reports Premier Kathleen Wynne will announce the rate will go to $11 an hour from $10.25.
An $11 minimum wage would tie Ontario with Nunavut for highest in the country.
An expert panel recommends the government tie future increases in the minimum wage to the rate of inflation, and adjust it on April 1 each year.
Wynne likes that idea, but says she knows it will be hard to please those who want an immediate jump to $14 an hour and those who warn any increase could kill jobs.
Labour Minister Yasir Naqvi says now the government is trying to take politics out of the process.
"Our focus is really to ensure that there is fairness and predictability," he said. "That's why we asked the panel to give
us advice so the minimum wage is determined on objective criteria, not on the whim of any political party or leader."
A recent study shows about half a million Ontarians earn minimum wage and about 40 per cent are over the age of 25.