The proposal aims to deliver two million rounds of artillery ammunition this year along with air defence systems, deep-precision strike missiles, drones and other weapons.
The frenetic pace of discussions mirrors the speedy actions of former US president Joe Biden.
In December he rushed through more than £1.5billion worth of military aid, fearing his successor Donald Trump would block aid to Ukraine.
International politics expert Professor David Dunn, of Birmingham University, said the Europeans want to “get ahead of the game”.
He added: “Putin has called for military aid to be stopped and, with President Trump’s assistance, he might potentially secure this while Russian forces continue to try...