It is understood officials and finance ministers from across the Eurozone will hold a telephone conference to discuss a bailout for Spanish banks.
Reports suggest Spain will ask for financial help and discuss with Eurozone finance ministers how to get cash to its banks.
However, so far, the Spanish government has denied speculation that an announcement on a European rescue package is close.
Deputy prime minister, Ms Saenz de Santamaria said "no meeting is planned" but would not confirm or deny whether some kind of communication would take place.
She said the Government would not act until it received a raft of reports on how much money Spain needed to save its banks from collapsing under the weight of soured property investments.
If Spain decide to ask for a bailout for its troubled banking sector, they would become the fourth Eurozone country to seek help since the EU debt crisis erupted.
The Spanish government appears to have resigned itself to the fact that it needs a bailout with money pumped in from Europe to prop up its struggling banks, and cannot handle the job on its own.
Prime minister Mariano Rajoy has moved on from firmly stating that "there will be no rescue of the Spanish banking sector" 10 days ago to avoiding ruling out seeking external help for the banking sector of the eurozone's fourth largest economy.
Spain has been criticised for being too slow to set out a road map to resolve its problem. European business leaders and analysts have stressed that Spain must find a solution quickly so that it is not caught up in any market turmoil sparked by the Greek elections on June 17.
The International Monetary Fund (IMF) is estimating that Spain's banks need a cash injection of at least 40bn euros ($50bn; £32bn).