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CNN, citing two unidentified U.S. officials, reported that Trump will ask for about $544 billion for the "base" defense budget and another $9 billion for an "emergency" fund.
The other $165 billion will reportedly be requested for the "Overseas Contingency Operations," which pays for military operations in countries such as Afghanistan, Iraq and Syria.
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The overall budget request of $750 billion will serve as a 4.7 percent increase from the 2019 budget, according to CNN.
The proposal could face opposition in the Democratic-controlled House.
The White House's Office of Management and Budget and the Defense Department did not comment when contacted by CNN, which also reported that the Trump administration will formally announce the proposals next week.
"We won't have anything for you until Tuesday," acting chief Pentagon spokesman Charles Summers told reporters last week, according to the network.