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The announcement for the same could come as early as Friday and will likely exempt tariffs on certain agricultural and forestry products, the report said.
The people cited in the report added that the scope and the timing of the action could change.
The move comes as Republicans face electoral pressure over Trump's trade war with Canada, particularly in states whose economies depend heavily on cross-border trade.
Collins, who has sought relief from tariffs affecting Maine's industries and consumers, has broken with Trump on the issue as she seeks re-election. The proposed changes could also benefit other Republican candidates facing competitive races in trade-reliant states.
Her Democratic challenger, Troy Jackson, has made Trump's trade war with Canada a central issue in the campaign. The two candidates are neck-and-neck in the polls heading into the final week before Election Day.
A White House official told the newspaper that any tariff announcements would come directly from the administration and that preliminary reporting was speculation.
Trump imposed 50% tariffs on about $20 billion worth of Canadian goods in late August after last-minute negotiations between the two countries broke down.
The affected products accounted for about 5% of Canada's exports to the US, the report said.
Canada retaliated with tariffs of its own, prompting Trump to ban imports of certain Canadian products and threaten to double tariffs on Canadian vehicles in January if the two sides failed to reach an agreement.
The proposed exemptions would mark the second time the Trump administration has altered its 50% tariffs on Canadian goods.
Last month, it removed tariffs on products including road salt and cement, a decision Collins took credit for during her re-election campaign.
The move, however, did not deter criticism from Jackson, who said during a debate with Collins this month that Maine residents "can't eat road salt".
When the administration exempted those products, it offset the reductions by imposing 50% tariffs on other Canadian goods, keeping the total value of exports affected by the tariffs at about $20 billion.
It remains unclear which, if any, additional Canadian products would face higher levies if the administration proceeds with the planned exemptions for agricultural and forestry products, the report said.