Children as young as 10 can be arrested, held on remand and jailed across the nation for committing crimes.
Australian states and territories agreed to develop a plan to raise the age to 12 in 2021.
The Victorian government will settle on that figure, with an announcement likely early next week, the ABC reports.
Attorney generals are scheduled to meet in Darwin after Premier Daniel Andrews flagged Victoria would go it alone if a national consensus couldn't be reached.
The Northern Territory and ACT governments have committed to raising the age to 12 and 14 respectively, while Tasmania plans to raise the minimum age of detention to 14 but keep criminal responsibility at 10.
The Victorian justice department has been working on proposals to either raise the age to 12 or 14 on behalf of the government, AAP understands.
Victorian cabinet ministers typically meet on Monday to debate and adopt policy decisions.
A spokeswoman for Victorian Attorney-General Jaclyn Symes declined to confirm whether raise-the-age proposals would be put to cabinet on Monday.
"Victoria continues to work with other jurisdictions to consider the details involved in any increase to the age of criminal responsibility, but reserves the right to make further announcements in this space," she said.
Aunty Geraldine Atkinson, co-chair of Victoria's democratically elected First Peoples' Assembly, said anything short of lifting the age to 14 would be a great disappointment and the government must listen to Aboriginal Victorians and experts.
"Our children shouldn't be sent to prison," the Bangerang and Wiradjuri Elder said.
The government would be ignoring the minimum benchmark of 14 recommended by the United Nations, Liberty Victoria said.
"The government shouldn't be playing compromise politics with the lives of children. Raise the age to 14 - no carve-outs," it posted on social media.
The Victorian Aboriginal Legal Service tweeted it would be "irresponsible" not to raise the age to at least 14 with no exceptions, while the Greens said it would be inconsistent with advice from leading medical, legal and human rights groups across the globe.
"Aboriginal children account for almost 65 per cent of young people behind bars around Australia," said the state party's acting leader, Dr Tim Read.
"To change this, we need strong action, not a timid gesture."
No children aged 10, 11 or 12 were in Victorian youth justice centres as of Wednesday but 11 between the ages of 13 and 14 were being held, none of whom identify as Aboriginal.
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