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The document will be filed in court as early as Thursday. Longtime Jackson attorneys John Branca and John McLain are the executors.
According to documents filed in Superior Court on Monday, Jackson's parents believed that the King of Pop died without a valid will.
According to ABC News, the will reportedly divides Jackson's assets among his mother, three children and charities. Nobody else in the family was left any money, but there may be friends and associates that get something from his estate.
Documents from two years ago show he is worth $235 million.
Jackson's mother Katherine has filed court papers to become the administrator of his estate and the legal guardian of Jackson's three children. The existence of a will could complicate her petition.
She was granted temporary custody of Michael Joseph Jackson Jr., 12, Paris Michael Katherine Jackson, 11, and Prince Michael II, 7.
The children are currently living in the Jackson family home in Encino.
"They're happy," said Michael Jackson's father Joe.
About the same time a judge granted Katherine Jackson authority over at least some of her son's estate Monday, pickup trucks and a large dump truck towing a flatbed were seen entering the 2,500-acre Neverland Ranch, a major piece of the singer's debt-strapped financial empire. It was not clear who had requested the fleet or for what purpose.
Clearly one of his most valuable assets is his recording catalog, which his father could potentially rerelease through his new record company if the family gains control of his assets. There could also be recordings in Jackson's estate that he had never released.
There's also a financial bonanza to be had in the Sony/ATV Music Publishing catalog of which Jackson owned 50 percent. The 750,000-song catalog includes music by the Beatles, Bob Dylan, Neil Diamond, Lady Gaga and the Jonas Brothers, and is estimated to be worth as much as $2 billion.
Authorities are now giving more attention to the possibility that drugs may have played a role in the pop star's death.
It's still unknown what caused Michael Jackson's heart to stop beating. Toxicology tests will show if any medication is to blame, but those results are going to take some time.
Investigators from the coroner's office went to the mansion on Holmby Hills that Jackson had been renting on Monday. They left with two bags of evidence, mostly medication, but the coroner would not elaborate.
The coroner's office is trying to get a better understanding of Jackson's medical history.
Joe Jackson said the funeral plans are on hold until the autopsy results are in. There are two autopies pending, one done by the L.A. County Coroner's Office and another private autopsy requested by the family.
Joe Jackson said his son will not be laid to rest at Neverland Ranch.
Rev. Al Sharpton is helping the family plan a grand celebration to honor his legacy in the music world.
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The Associated Press contributed to this story.