It is not clear what the package will include, but some sources have been told the unemployment insurance portion of the bill could run separately.
"We have to pass an emergency extension of unemployment benefits and other matters related to job creation that help out-of-work Americans make ends meet," Reid said earlier Monday. "These benefits have now expired, and so has our patience for excuses."
The senator also said Federal Medical Assistance Percentages (FMAP), which was not extended in the House, would become a part of the extender package moving through his chamber.
"We intend to add to that bill FMAP funding, that's Medicaid money to ensure the poorest in our communities can afford to stay healthy, which will protect jobs in states like Nevada and prevent deep cuts to critical services," he said.
It is not clear when work will be completed on the extender package, but once it is finished Reid would like to move to legislation helping small businesses.
"We have to pass a bill designed specifically for small business, to help them grow and to help them hire more workers," he said. "This bill includes more tax incentives and also establishes a new lending facility for small businesses."