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Inquiry highlights: The parents of Milly Dowler were among those who gave evidence
Lord Justice Leveson is set to publish his report into the culture, practice and ethics of the press.
His eight-month inquiry heard from media intrusion victims including actor Hugh Grant, singer Charlotte Church and the family of murdered Millie Dowler.
It is understood the report, which runs to hundreds of pages, criticises press, politicians and police.
David Cameron and Deputy PM Nick Clegg have met to discuss it amid reports of a possible split over press regulation.
Lord Justice Leveson - whose inquiry was set up in the wake of the scandal over phone hacking by journalists at the now-defunct News of the World newspaper - is widely expected to recommend some form of statutory press regulation overseen by an independent body.
It was an inquiry that imperilled, briefly, the cabinet career of then Culture Secretary Jeremy Hunt; embarrassed David Cameron with revelations about his style of text messaging; and exposed the close relationships once enjoyed by some politicians, newspaper proprietors and police officers.
As well as any criticism of the conduct of individuals who gave evidence, Lord Justice Leveson's report will be examined for what he says about the future running of Britain's newspapers.
Many in the industry support more muscular self-regulation -- the creation of a new body which could investigate malpractice and impose fines.
All the national newspapers are opposed to an alternative option -- an independent regulator backed by law. They say this would give politicians a new power over the press.
Lord Justice Leveson will make recommendations.
The pressure will then be on the prime minister to act.
The press is currently self-regulated through the Press Complaints Commission (PCC).
Many Conservatives oppose the possibility of statutory regulation while Liberal Democrats are understood to be ready to support such a move.
The office of House of Commons Speaker John Bercow has said it is ready to accommodate a Lib Dem request for the deputy prime minister to oppose Mr Cameron at the despatch box after the prime minister's statement at 15:00 GMT if the pair cannot agree a response.
On Wednesday, both were given advance copies of the report, which will be published at 13:30 GMT on Thursday. Labour leader Ed Miliband will receive his copy on Thursday morning.
A coalition committee will also meet on Thursday morning to try to find a way forward.
BBC political editor Nick Robinson said everyone was seeking independent regulation but the question was what that meant and whether a new law was needed to establish it and make sure all newspapers took part.
Deciding the way forward was one of the most difficult decisions the prime minister would ever face and one of the most difficult decisions that would go through the House of Commons in the months to come, he added.
Mr Cameron, who previously said he intended to implement the findings of the Leveson Inquiry provided they were not "bonkers", told MPs at Prime Minister's Questions on Wednesday he wanted to find a cross-party consensus on improving regulation and moving away from the "unacceptable" status quo.
He said he wanted an "independent regulatory system that can deliver and in which the public have confidence".
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Mr Miliband responded: "I hope we can work on an all-party basis. This is a once-in-a-generation opportunity for real change and I hope that this House can make it happen."
Speaking as he left his home ahead of the report's publication, Mr Clegg said said politicians would have to strike a balance in their response.
"In this whole process everybody wants two things. Firstly a strong, independent, raucous press, who can hold people in positions of power to account and, secondly, to protect ordinary people, the vulnerable, the innocents when the press overstep the mark. That's the balance we're trying to strike, and I'm sure we will "
Bristol landlord Chris Jefferies, who was wrongly arrested for the murder of Joanna Yeates in 2010 and then won damages from a number of newspapers over their reports, said his experience had been "absolutely devastating".
- Statutory regulation: Stricter regulation of the press, enforceable by law
- Statutory underpinning: Self-regulatory body with statutory framework which enforces newspapers to sign up
- New Press Complaints Council: Tougher self-regulation body with investigative arm. One proposal suggests body should be independent from newspaper industry
- Newspaper ombudsman: Self-regulatory body, working alongside PCC, to deal with standards
He told BBC Radio 4's Today programme he wanted to see an independent regulator, with investigative powers established by statute with the "powers to discipline those parts of the press which contravene the codes".
But former Press Complaints Commission member and Daily Mail journalist Paul Horrocks said that while tighter regulation was essential "what we don't want is that toughening up to be in some kind of law... because that then really threatens the freedom of the press".
Meanwhile, a poll conducted for BBC Radio 5 live suggests that two-thirds of British adults have no trust - or little trust - that newspapers tell the truth.
Just over 1,000 people were questioned on the telephone by ComRes last weekend, with nearly a half also saying they wanted to see the press regulated by rules agreed and enforced by the courts.
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