BBC Radio 1 will play "up to five seconds" of the Ding Dong record on Sunday's official chart show, station controller Ben Cooper has told the BBC News Channel.
The Ding Dong song from the Wizard of Oz was at number three in the UK charts this morning but could still take top spot.
The record has sold about 12,000 fewer copies than the current chart-topper Need U (100%) by Duke Dumont, with the final sales coming in at midnight tomorrow.
The controller of BBC Radio 1 said the station "could not ignore" the Ding Dong song that has risen towards the top of the charts following Baroness Thatcher's death.
Ben Cooper said:
Mark Biddiss, who started a social media campaign to get Ding Dong The Witch Is Dead to number one in the charts, said buying the song was "a very cathartic experience for a lot of people who feel that for many years they haven't been listened to".
He was joined on ITV's Daybreak by former Conservative MP Jonathan Aitken who said the song, which is on course for a place in the top five in Sunday's Offical Chart, was a "pretty feeble form of protest".
UKIP leader Nigel Farage and Conservative MP Philip Davies, who are both supporters of Margaret Thatcher, told the Daily Telegraph that the BBC should broadcast the song 'Ding Dong The Witch Is Dead'.
The Wizard Of Oz track 'Ding Dong The Witch Is Dead' which has had a surge of popularity in the wake of Baroness Thatcher's death is on course for a place in the top five.
An online campaign has driven sales of the track, and the latest placings released by the Official Charts Company show it had sold 20,000 copies by Wednesday night, when it was a number four.
It had been at number 10 in the Official Charts Update earlier on Wednesday.
The song is currently at number one on the iTunes and Amazon downloads charts but both physical and digital sales are combined to give the Official Chart rankings.
The BBC said it would decide whether to play Ding Dong The Witch Is Dead during Radio 1's top 40 countdown when places are finalised at the weekend.
The song entered the download singles chart following the death of Margaret Thatcher.
The spokesperson said: "The Official Chart Show on Sunday is a historical and factual account of what the British public has been buying and we will make a decision about playing it when the final chart positions are clear."