The proposal was a key part of the government communications bill, which will also allow the creation of a single ITV company.
The committee is set to recommend that the British market should only be open to US firms if the move is reciprocated, allowing British firms to buy into the US market. Such a move is highly unlikely.
The recommendation will effectively bar US media giants AOL Time Warner, Viacom, Disney and News Corporation from expanding into the UK. Carlton Communications was understood to have had exploratory talks with several US companies following the publication of the bill in April.
The government's move to allow Americans in was thought to have been based on the idea that it would spark off a wave of investment. The committee does not believe this is the case.
One committee member, the former ITV chief Lord Crickhowell, told the Sunday Times: "We didn't have any proof that there was a positive immediate benefit from opening up the British market without reciprocation form America. It does seem a bit strange that America, the great free market, is so protected -- they are great free traders when it helps them but less so when it hurts them.
"Tessa Jowell, the culture secretary, believes very strongly that there is a great pot of gold of American investment ready to flood into the British market to spark up our television industry. I don't think that people on the committee felt that this was the case," he said.
The committee's recommendation could also block Rupert Murdoch's ambition of taking control of Channel 5.
The report will be published on Wednesday.
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