Lord McAlpine's lawyer told ITV News that now libel settlements have been agreed with BBC and ITV they will move to deal with 20 "high-profile tweeters".
Though solicitor Andrew Reid decline to name those Twitter users, he did said they would asked to pay damages in the thousands.
Asked about why the ITV settlement was lower than the BBC's, he said it was a "sensible settlement" and they had accepted ITV's position that "the fire was well lit" by Newsnight and Philip Schofield's actions "really just added oil to the flames".
Mr Reid also confirmed he spoke to Scotland Yard about those Twitter users who "maliciously" retweeted the Conservative peer's name in relation to the claims, which he described as "a criminal offence".
Lord McAlpine has asked those who wrongly accused him to apologise formally and pay a "sensible and modest amount", which he plans to donate to the BBC's Children In Need appeal.
Mr Reid added, "I think the Government having seen this will need, possibly, to have a clear piece of legislation to make sure that Twitter can't be used to bully".
Commenting on the settlement reached with ITV and Phillip Schofield, Lord Mcalpine said: "I am pleased to have reached a pragmatic settlement".
– joint statement from ITV and phillip schofield
ITV and Phillip Schofield have now reached agreement with Lord McAlpine to settle his libel claim, made in relation to the This Morning programme broadcast on 8 November 2012.
ITV and Phillip Schofield apologise unreservedly to Lord McAlpine, have agreed the terms of a statement to be made in open court, and have agreed to pay him damages of £125,000 and his legal costs.
He accepted £185,000 plus costs from the BBC last week over a Newsnight report, but the spokesman told the newspaper that ITV will have to pay more after This Morning host Phillip Schofield handed the Prime Minister a list of alleged abusers live on air.
The peer reportedly restricted the demand for compensation from the BBC because he was conscious that licence-payers’ money was involved, but the same does not apply to his action against ITV.
The spokesman said: “This was also done in broad daylight in a premeditated way in front of the Prime Minister.
"It was that programme that prompted Lord McAlpine to come out with his statement."
The Times reported that the broadcaster has been given until this afternoon to respond to a demand to pay damages.
Lawyers for Lord McAlpine are expected to take a tougher line over "principle tweeters" who mentioned false child abuse allegations about the Conservative peer on the social networking site, The Sunday Times (£) reported.
QI regular Alan Davies, a reporter for TV station Al Jazeera, a Guardian journalist, the Managing Director of a public relations company and a former barrister are among thousands of Twitter users who alluded to the allegations, according to the newspaper.
Lord McAlpine's lawyers have found 1,000 "original" tweets and an additional 9,000 "retweets" - in which an original message is forwarded on by another Twitter users - and said the case could involve the largest number of defendants in British legal history.
Mr Davies declined to comment on the story, the newspaper added.
The acting Director General of the BBC Tim Davie gave little away this morning about how the corporation's payout to Lord McAlpine was reached. But he told ITV News he believed it was a "good settlement".
Acting BBC Director General Tim Davie tells ITV News the £185,000 payout to Lord McAlpine is a "good settlement".
Conservative MP Rob Wilson, who had written to Ofcom and to the BBC Trust over Newsnight's false reports, has told ITV News that the corporation's settlement with Lord McAlpine is an "expensive lesson" for the BBC and for the licence fee payer:
– Rob Wilson, Conservative MP for Reading East
This is a very expensive lesson for the BBC that it must maintain the highest standards of journalism and fairness at all times.
The settlement is also expensive and particularly hard on the license fee payer.
Many license fee payers will be incensed that they are paying for a self-inflicted wound.
Unfortunately, a protracted court case may well have cost a great deal more.
The chairman of the Culture, Media and Sport committee, the Conservative MP John Whittingdale, has told ITV News he "shares Lord McAlpine's view that it is unfortunate that the licence fee payer has to pay out."