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Both indicated that the scheme, known as the three-year long-term refinancing operation, or LTRO, is attractive because of its low 1 percent interest rate.
The newspaper said neither bank would comment on how much they planned to raise exactly through the facility.
RBS, which took about 5 billion euros of LTRO money in its debut auction in December, is set to take a similar amount in Wednesday's sale, according to senior bankers cited in the article.
However, people familiar with their plans, cited by the FT, said Lloyds, which did not use the LTRO in December, would rubber stamp a plan on Monday to seek about 10 billion euros (8.47 billion pounds) of funding.
Reporting by Stephen Mangan; Editing by Diane Craft