The move would take the quantitative easing (QE) programme to a staggering £325bn, and would be the first time since October that the Bank has intervened.
Last time the Bank acted by raising QE from £200bn to £275bn.
Intervention is expected after recent data showed the UK hangs on the verge of recession.
The latest official figures showed the economy contracted by 0.2% in the last quarter of 2011.
The ongoing eurozone debt crisis has also contributed to an uncertain outlook, but against this, recent upbeat data from the manufacturing, construction and service sectors have hinted at a recovery.
The likely prospect of a new EU/IMF bailout for Greece, meanwhile, has also helped steady markets. The latest inflation report showed CPI index inflation easing from 4.8% in November to 4.2% in December.
