Takaichi was appointed Japan's first woman prime minister in October and her cabinet is enjoying an approval rating of around 70 percent.
But her ruling bloc only has a slim majority in the powerful lower house of parliament, hindering its ability to push through her ambitious policy agenda.
At a meeting on Wednesday, Takaichi "will tell senior officials of the Liberal Democratic Party (LDP) her intention of dissolving the lower house" on January 23, the business daily Nikkei Shimbun reported, citing unnamed sources from the government and the LDP.
That would pave the way for a snap election, "aiming to increase the number of ruling party seats", the Nikkei said.
Public broadcaster NHK also reported Takaichi "is coordinating" a meeting with senior officials to explain her plan.
The meeting with LDP heavyweights and members of the party's coalition partner the Japan Innovation Party is due to take place late Wednesday, TV Asahi said.
Top government spokesman Minoru Kihara declined to comment on the reports, saying it was "a decision for the prime minister to make".
If Takaichi dissolves the lower house on January 23, which is the start of a regular parliament session, the most likely election date would be February 8, various media reported.
By keeping short the period between parliament dissolution and a general election, Takaichi hopes to curb the election's impact on parliamentary debate over the budget bill for the upcoming fiscal year, the Yomiuri said.
Takaichi's cabinet approved a record 122.3-trillion-yen ($768 billion) budget for the fiscal year from April 2026, and she has vowed to get parliamentary approval as soon as possible to address inflation and shore up the world's fourth largest economy.
Takaichi became Japan's fifth premier in as many years when she was elected, initially as the head of a minority government.
Her LDP and its coalition partner the Japan Innovation Party regained their lower-house majority in November after three lawmakers joined the LDP.
The ruling bloc remains a minority in the upper house.
Takaichi reportedly hopes a bigger majority will help her implement her agenda of more "proactive" fiscal spending, and may also help her break the deadlock in a spat with China.
Ties have deteriorated since Takaichi suggested in November that Japan could intervene militarily if China ever launched an attack on Taiwan, the self-ruled island it claims.
