The administration will be handled by Poundworld's advisers Deloitte.
The budget retailer has 15 stores in Northern Ireland and around 100 jobs here could be lost.
Sources told the Press Association that the planned notice will give Poundworld time to structure a pre-pack administration deal with private equity firm R Capital, former owner of Little Chef.
On Thursday the retailer, which has 5,000 staff, filed a notice of intention to appoint an administrator.
Chris Edwards, Poundworld's founder, is said to have been attempting to put together a rescue bid for a chunk of the company.
According to The Press Association, a failure at this stage to track down an appropriate new owner could result in the collapse of the firm, with its losses already significantly increased from £5.2 million in 2015-16 to £17.1 million in 2016-17 and set to rise further in the next 12 months.
The retailer was hit with a £5.7 million charge for onerous leases, a provision retailers make when the cost of a lease is no longer covered by the income of the store.
In May it emerged that TPG had made a decision to cut it losses and was putting Poundworld, which started in 1974 as a market stall in Wakefield in West Yorkshire, up for sale.
House of Fraser (HoF) is expected to be the latest retailer to turn to a CVA in the coming days amid pressure from its bank lenders on its Chinese shareholder to pump fresh capital into the business.
Several retailers have shown significant financial distress this year, with both Maplin and Toys R Us disappearing from the high street.
Poundworld, which also trades under the Bargain Buys brand name, serves two million customers a week.