According to a report, the move comes just days after a federal judge Richard Leon ruled parts of the programme as 'unconstitutional' on Monday.
The three-page report prepared by the five-member panel contains 46 recommendations. One of the recommendations asks for greater scrutiny of decisions to spy on friendly foreign leaders, a practice that has outraged US allies around the world.
The panel has not recommended to eliminate spying programme but has proposed nearly '50 fixes' to be churned out.
Obama is likely to announce his decision in January.
Earlier, The White House was planning to release the report next month but its officials decided to make its content public now to avoid inaccurate reporting.
Amid the political pressure, Obama is likely to announce his decision in January.
The Review Group on Intelligence and Communications Technologies was set up four months ago, when the former NSA contractor Edward Snowden began leaking secret documents to the media.
Several companies, including Facebook, Twitter, Yahoo, Apple and Microsoft, have joined the chorus to urge Obama to 'curb the surveillance programmes'.
The US' controversial 'spying program' began during George W Bush's administration and has been active throughout Obama's presidency.
(With agency inputs)