Mr Tusk said he would submit the plans on Tuesday ahead of a summit of EU leaders on 18-19 February.
But in a sign there could still be some way to go, Mr Tusk said "outstanding issues" remained.
Downing Street has acknowledged Britain still faces "a lot of hard work" to secure acceptable reforms in time for an early in/out referendum.
Intensive negotiations have taken place between diplomats in Brussels to finalise a package to put to the EU's 28 national leaders.
Agreement in February is regarded as crucial if the referendum is to be held before the summer holidays, which is David Cameron's preference.
In a message on Twitter Mr Tusk said: "Tomorrow around noon I will table proposal for a new settlement for #UKinEU. Good progress last 24 hours but still outstanding issues."
Mr Tusk approved a 24-hour extension on Sunday after a meeting with the Prime Minister in Downing Street.
It delivered what Number 10 termed a "significant breakthrough" over migrant benefits, but failed to reach agreement on a number of other areas.
Mr Tusk will now present EU leaders with his proposed solutions to the UK's concerns over migration, sovereignty, competitiveness and protection for non-eurozone countries, for discussion at the upcoming Council summit.
the PM had won an assurance that a proposed "emergency brake" on welfare payments to EU workers could be triggered immediately after a vote to remain in the bloc, on the basis of existing levels of immigration.
Mr Cameron's official spokeswoman insisted Britain had made "substantial progress", although she added: "There is more work to do in all four areas - more work in some areas than in others."
It remained unclear how the proposed emergency brake would operate and who would have the final say on when it could be activated and how long it would remain in effect.
The mechanism has been put forward by Brussels as an alternative to Mr Cameron's plan to impose a unilateral four-year curb on benefits which other member states have ruled out as discriminatory and in breach of the freedom of movement principle.
Supporters of British withdrawal from the EU dismissed the latest round of negotiations as a choreographed display designed to convince voters that Mr Cameron has been forced to fight hard for significant concessions.
UKIP deputy leader Paul Nuttall said: "The theatrics and drama of David Cameron's sham renegotiation continues and he is playing us for fools."
But Mr Cameron's spokeswoman denied the wrangling was concocted. "I wouldn't accept that at all," she said.
"Look at the amount of hard work, time and effort the Prime Minister, other senior ministers and senior Government officials have had to put into this.
"These are significant, far-reaching reforms and that is why it is taking time."
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