More than 40 Tory MPs and peers are calling for an independent system of press regulation to be introduced.
They say the Leveson Inquiry into press ethics has exposed "fundamental weaknesses" in the current system of self-regulation.
The group has written to the Guardian highlighting its concerns.
Lord Justice Leveson's inquiry was set up in the wake of the phone hacking scandal, and is due to publish its findings within weeks.
The group includes former cabinet ministers Sir Malcolm Rifkind, Caroline Spelman and Lord Fowler.
Unstable modelIt is calling for a cross-party response to the Leveson inquiry - to deliver what it calls a "genuinely independent system" that the public can trust.
The letter suggests that should include some form of statutory underpinning for press regulation.
It adds that, to be credible, any new regulator must be independent of the press as well as of politicians.
End Quote Letter to the GuardianTo protect both robust journalism and the public, it is now essential to establish a single standard which can be applied independently and consistently"
The newspaper industry has proposed the formation of a new body with the power to launch investigations and levy fines of up to £1m.
The plan would preserve self-regulation, and rely on legally enforceable contracts to bind publishers to the new system and ensure funding.
But the letter from the Tories says those measures risk being an "unstable model destined to fail".
Worst excessesIt says: "The worst excesses of the press have stemmed from the fact that the public interest defence has been too elastic and, all too often, has meant whatever editors wanted it to mean.
"To protect both robust journalism and the public, it is now essential to establish a single standard for assessing the public interest test, which can be applied independently and consistently."
The letter also says the inquiry represents a "once-in-a-generation opportunity to put things right."
The Leveson inquiry was set up after allegations of widespread wrongdoing by the press, including the hacking of missing schoolgirl Milly Dowler's mobile phone.
It heard from politicians, celebrities, media figures, police and others over an eight-month period.
Lord Justice Leveson is due to make recommendations on the future regulation of the press and conduct between the press, politicians and police.
David Cameron has committed himself to implementing these.
A second part of the inquiry, looking into the extent of unlawful or improper conduct within News International and other newspaper media organisations, will not get under way until police investigations are concluded.
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