Tsipras spent much of Sunday holed up in a marathon cabinet meeting and discussed the new offer with the leaders of Germany, France and the European Commission by phone.
"The prime minister presented the three leaders Greece's proposal for a mutually beneficial agreement that will give a definitive solution and not a postponement of addressing the problem," a statement from Tsipras's office said.
He will meet European Commission President Juncker, ECB President Mario Draghi, IMF head Christine Lagarde and euro zone finance ministers chairman Jeroen Dijsselbloem at 11 a.m. (0900 GMT), an EU spokeswoman said. Euro zone finance ministers are due to meet 90 minutes later and a summit of euro zone prime ministers and presidents is scheduled at 7 p.m. (1700 GMT).
U.S. stock futures jumped in early Asian trade on Monday on hopes for a deal. The euro also ticked up against the dollar.
European ministers have played down the prospect of a final agreement on Monday but hope a political understanding can be reached in time for a full deal by the end of June.
Elected on a pledge to end austerity, Tsipras has defiantly resisted demands to cut pension spending and is pushing strongly for debt relief in return for any concessions.
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But Greek officials have said Athens may be willing to consider raising value-added taxes or other levies to appease the lenders, who want concrete assurances that demanding budget targets will be met.
"There is no time to lose. Every day counts. Talks and negotiations must continue so that an agreement is reached," French President Francois Hollande told a joint news conference with Italian Prime Minister Matteo Renzi.
Locked out of bond markets and with bailout aid frozen since summer last year, Athens is quickly running out of cash. The deputy finance minister on Sunday confirmed Athens had enough money to pay public sector wages and pensions this month.
But Athens also urgently needs access to funds to avoid defaulting on a 1.6 billion euro IMF loan that falls due at the end of the month. As the crisis gets pushed from one meeting to the next, each side has put the responsibility on the other's shoulders for finding a deal.
Money has drained out of Greek banks after a breakdown in talks last weekend, and Greece might have to impose capital controls within days if there is no breakthrough.
Underlining the pressure to stem the flow of withdrawals, Bank of Greece Governor Yannis Stournaras met senior bankers on Friday and told them to brace for a "difficult day" on Tuesday if no deal is reached, two bankers at the meeting told Reuters.