Once approved by Congress, the money would bring the total amount for U.S. operations in Iraq and Afghanistan since Sept. 11, 2001 to almost $1 trillion.
Budget office spokesman Tom Gavin says the White House will send an official request to Congress this afternoon.
Obama was a harsh critic of the Iraq war as a candidate. He opposed a war funding bill in 2007, when former President George W. Bush increased the tempo of military operations.
The upcoming request will include $75.5 billion for the military and more than $7 billion in foreign aid.
Obama announced plans in February to withdraw U.S. troops from Iraq on a 19-month timetable.