The money is needed as the Democratic National Convention approaches in August, according to sources familiar with the plan.
Most of the money would come from a reserve fund set up for migrants, and the rest from rainy day funds.
The city has spent nearly $300 million to help feed, shelter and care for migrants since August 2022, according to the mayor's office.
More than 34,000 migrants have been sent to Chicago in that timeframe.
Although the number of migrants coming to Chicago has recently slowed down, the city said it wants to be prepared for any sudden increase in new arrivals from the border.
Last week, the city said there are nearly 10,000 migrants are staying in city shelters right now across Chicago. Soon, the closed St. Bartholomew School in Portage Park will become the latest shelter for asylum-seekers, and it is set to open in April.
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The committee will meet at 2 p.m. on Monday to consider the mayor's proposal.
But the full council would need to approve the funding.
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