The digital platform, owned by Granada and Carlton, is thought to have tabled an offer to pay the clubs just £50m instead of the £178m it owes under the original contract, which is worth a total of £315m.
A league spokesman said: "The board will be discussing an approach that has been made by ITV Digital. I am not going to reveal the nature of that approach. There will be a formal statement after [the meeting]."
Earlier this morning, reports suggested that ITV Digital, which overestimated the popularity of the league football matches it broadcasts on digital sports channel ITV Sport, would be forced to close if the deal was not renegotiated.
However, a shortfall in revenue from the deal would mean almost certain bankruptcy for some smaller clubs in the lower reaches of the second and third divisons.
ITV Digital has so far paid £133m to the league. It paid £44m up front and £89m at the start of the football season. A further £89m is due on August 1 and another instalment for the same amount next year.
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