The White House gave no further details about the order, which is due to take place on Thursday.
Donald Trump is to sign an executive order on social media companies, White House officials have said.
The US president accused the technology firms of trying to stifle right-wing opinions on Wednesday after Twitter tagged one of his tweets about unsubstantiated claims of postal vote fraud with a fact checker warning.
It also came after a three-judge panel of the US Court of Appeals in Washington on Wednesday upheld the dismissal of a lawsuit by a conservative group and right-wing YouTube personality against Google, Facebook, Twitter and Apple.
Laura Loomer and Freedom Watch accused them of conspiring to suppress conservative political views.
But the courts decided they do not have any viable claims that the companies violated their First Amendment free speech rights.