The US alleges Ms Meng misled the bank HSBC over the true nature of Huawei’s relationship with a company called Skycom, putting the bank at risk of violating US sanctions against Iran.
The Wall St Journal says she would plead guilty on minor counts, while the more serious charges would be dropped.
Ms Meng is the elder daughter of billionaire Ren Zhengfei, who set up Huawei in 1987, building it up to become one of the biggest technology firms in the world.
He served in the Chinese army for nine years, until 1983, and is also a member of the Chinese Communist Party.
Huawei has faced accusations that the Chinese authorities could use its equipment for espionage – allegations it denies.
In 2019, the US imposed sanctions on Huawei and placed it on an export blacklist, cutting it off from key technologies.
The UK, Sweden, Australia and Japan have also banned Huawei, while other countries including France and India have adopted measures stopping short of an outright ban.
A few days after Ms Meng was arrested, China detained two Canadian citizens, Michael Spavor and Michael Kovrig, on suspicion of spying.
Critics have accused China of treating them as political bargaining chips, held as part of what is known as “hostage diplomacy”. China denies this.
Last month, a Chinese court convicted Michael Spavor, a businessman, of espionage and sentenced him to 11 years in prison.
Canada condemned the sentence, saying his trial did not satisfy even the minimum standards required by international law.