Once Trump's right-hand man, Cohen has distanced himself from the president since pleading guilty to federal prosecutors past year for using campaign money to silence Stormy Daniels and Karen McDougal, two women who said Trump had extramarital affairs with them.
The congressional hearing would be the first time Cohen has accused the president of committing a crime while in office.
Cohen also plans to tell United States lawmakers that Trump asked him several times about a proposed skyscraper project in Moscow long after he secured the Republican presidential nomination, according to reports.
Cohen also intends to reveal information about Trump's financial statements, an anonymous source told the network. But a judge granted a request from Cohen's lawyers to push the date to May 6 so Cohen could recover from shoulder surgery and prepare for his congressional testimony.
Cohen could also implicate the White House in the false testimony he gave to the House and Senate intelligence committees in 2017 on negotiations for building a Trump tower in Moscow that continued throughout the 2016 election.
Democrats on the House Oversight Committee plan to question Cohen on a wide array of subjects, including several hush-money payments made to women during the 2016 election, as well as Trump's business dealings, according to an internal committee memo seen by INSIDER.
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The event will feature performances from at least 35 artists including Alejandro Sanz, Maluma, Luis Fonsi and Carlos Vives.
Cohen will head back behind closed doors on Thursday for his final testimony of the week before the House Intelligence Committee. Cohen's testimony will be live-streamed on C-SPAN and is expected to be broadcast live on cable news channels starting around 10 a.m. ET.
The court ruled that Cohen's disbarment is retroactive to November 29, 2018, "the date [Cohen] ceased to be an attorney as a result of his conviction of the crime of making false statements to Congress in violation of 18 USC 1001 (a)(2), a federal felony".
Josh Holmes, a former top aide to Senate Republican leader Mitch McConnell, said on Fox that it was "absolutely ridiculous" for Congress to be grilling Cohen "at a moment when the president is sitting down (in Hanoi) for something that can only be described as of top national interest".
Cohen once said he would "take a bullet" for Trump, but he has since turned against his former boss.
Cohen's testimony is among the most anticipated since the House and Senate started investigating the Trump campaign's Russian Federation ties two years ago.
This could be the basis for lawmakers or investigators to pursue Trump's tax returns.
"We think he has a lot to offer", Adam Schiff, chairman of the House Intelligence Committee, told ABC's "This Week" on Sunday.