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".
Lord McAlpine will receive a payment of £185,000 after a settlement was reached with the BBC over false claims made in a Newsnight report.
George Entwistle will receive a 12-month salary after stepping down from the BBC, he is also reported to be entitled to his full pension.
BBC director general George Entwistle has fallen on his sword following the Newsnight child abuse scandal.