McCarthy will make the announcement during a closed-door meeting of House Republicans on Thursday morning during which key committee chairs will lay out the evidence that they have so far uncovered during their investigations, the agency said.
The House Oversight and Judiciary Committees have been leading a probe into potential criminal activity by the Biden family, but until now, they have not uncovered evidence of Joe Biden's direct involvement in any wrongdoing, according to the report.
However, an impeachment inquiry, the first step in an impeachment process, would allow lawmakers to gather more evidence of potential crimes by giving them stronger standing to demand documentation from the Biden family.
McCarthy has previously said that an impeachment inquiry would give Congress heightened power to subpoena Biden for documents like bank and credit card statements that would indicate whether he was taking money from foreign sources.
It remains unclear whether House Republicans have the 218 votes needed to authorize an impeachment inquiry, as several moderate Republicans including Reps. Ken Buck and Don Bacon have voiced skepticism about such an effort.