Members of the House of Commons are looking to secure a ten per cent salary increase eventually reaching a further £6,000 annually, reports claim.
The Mail on Sunday reports that both Conservative and Labour MPs are for the deal and intend to vote for it in parliament in the new year.
The news comes at a time when the government is rejecting calls to backdate a 2.5 per cent increase in police officers' pay by three months in order to maintain pay discipline.
The paper cites MPs as saying that the pay increase - which will increase their salary from the existing £60,675 to £66,500 over three years - was justified so that they did not fall behind the earnings of other professions.
One Labour MP said that he wanted a higher salary in case he lost his seat in the next general election.
Commenting on the reports, Tory MP John Butterfill said: "We do have
an official review body which is supposed to make sure we keep in line with other professions. I would hope that the government agrees with the review body's recommendations."
Prime minister Gordon Brown is reportedly against the move and has told MPs that they are being selfish.
He has also ordered that the legislation not be put forward in parliament in his absence so that he can personally oppose it.
However, sources speaking to the newspaper said Labour MPs were ready to go against their leader to secure the raise.
Speaking to the paper, police federation chairman Jan Berry said: "My main argument is with Gordon Brown, but MPs do need to take into account what other groups are getting.
"For MPs, explaining to police officers why they need such a large pay rise will be very difficult," he added.