The meeting would be behind closed doors at 1500 GMT, according to London's proposal, the same sources said, as were the Council's discussions a day after the military's February 1 ouster of civilian leader Aung San Suu Kyi.
The Security Council subsequently voiced "deep concern" over the coup, and called in a draft statement for the "release of all detainees" including Suu Kyi.
On Monday, China's diplomatic mission to the UN, traditionally reluctant for the Security Council to discuss Myanmar told AFP that there was a "general agreement among Council members... that there will be a meeting on Myanmar soon."
Myanmar security forces fired live rounds and tear gas at protesters again on Tuesday, leaving at least three people critically injured as regional powers rebuked the junta over its deadly crackdown.
The country has seen weeks of mass protests demanding Suu Kyi's release, with security forces imposing a steadily more violent crackdown on dissent.
Sunday was the bloodiest day since the military takeover, with the United Nations saying at least 18 protesters were killed across the country. AFP independently confirmed 11 deaths.