The budget will include measures to plug a 30bn euro (£23.8bn; $38.7bn) hole in the country's finances.
Officials have suggested roughly two-thirds of the money will be come from tax rises rather than spending cuts.
The announcement comes as figures suggest the economy is struggling to achieve much-needed growth.
Mr Hollande has said the budget will be France's toughest for 30 years.
A planned 75% tax rate to be imposed on annual income above 1m euros (£800,000; $1.28 million) has met with protests from France's business community, but Mr Hollande has suggested it could be dropped after two years.
"With constant incomes, nine out of 10 French taxpayers will not be affected by the tax increases," French Prime Minister Jean-Marc Ayrault said, according to the AFP news agency.
"These new measures spare the middle and working classes," he added.
Mr Ayrault also said France would meet its target to get its deficit to under 3% of GDP.
In the past week, unemployment has risen beyond 3 million, the highest level it has been since France joined the euro.
Meanwhile, private sector output has fallen to its lowest level in three and a half years.
The French economy has suffered three consecutive years of zero growth.
On Thursday Spain unveiled an austerity budget comprising spending cuts, tax rises and structural reforms.
In terms of the eurozone's longer term future what happens in France in the next year could be of equal significance, the BBC's Christian Fraser in Paris reports.
Interest levels on France's debt are currently at a record low as investors look for safe havens away from Spain and Italy.
However, if the markets sense the government is not serious about reform, that could quickly change and the implications of that for the eurozone would be dramatic, our correspondent adds.
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