Liberal Democrat leader Nick Clegg said a press regulation plan devised with Labour leader Ed Miliband would "deliver what Leveson wanted", as he invited Tory MPs to back it.
"I hope the approach we are publishing today plots a middle course between the dangers of doing nothing and the fears some people have of a full-scale legislative approach," he said.
"This is a system that both myself and Ed Miliband back, and that I believe Conservative MPs can also support."
Clegg called the Charter a "strengthened version" of David Cameron's plan for press regulation, which the Prime Minister championed yesterday after halting cross-party talks on the issue.
MPs will choose between the two approaches in a series of votes on Monday.
The Labour party and the Liberal Democrats have published a Royal Charter on self regulation of the press, with Ed Miliband calling it a charter with "real teeth".
In a statement, Miliband said:
– Ed Miliband
[The Royal Charter] differs from the proposal set out by the Prime Minister in three crucial respects.
“First, this must be an enduring settlement. That means underpinning the charter with the minimum amount of legislation needed to guarantee its success and independence over time.
Second, the regulator should be properly independent of the press, so we would remove the industry’s power of veto over appointments.
Finally, when wrong is done, the regulator should be able to investigate, as well as ensure a proper and prominent apology is made.