Former cabinet minister Liam Fox is to use a speech to call on the government to freeze the level of public spending for five years and spend the money saved on cutting taxes and the deficit.
The ex-defence secretary will say such a change in economic policy is needed.
He will say it would change the "terms of trade in the political debate".
Ahead of the Budget, Mr Fox has become the latest senior coalition party figure to urge the government to radically change its economic strategy.
A freeze of all public spending - as against the current freeze for Whitehall departmental budgets - would cut spending in real terms by 2.5% a year. The current plan is for a 1% annual cut.
Mr Fox calculated that this would save a total of £345bn that could be used to cut taxes - starting with the temporary abolition of capital gains tax - at the same time as cutting the deficit.
Mr Fox will urge an end to the ring-fencing of budgets for the NHS, schools and international development and as well as of universal benefits such as the pensioners' winter fuel allowance.
BBC political editor Nick Robinson said a leading representative of the Tory right was matching one part of the call made last week by Liberal Democrat Business Secretary Vince Cable to think the previously unthinkable on public spending.
End QuoteFox becomes the latest senior coalition figure to call on the government to radically change its economic strategy"
Our correspondent said there was no prospect of the chancellor adopting such policy in the Budget but the speech was part of the battle being waged increasingly in public about the pitch the Conservatives should make at the next election if they are to avoid defeat.
Mr Cable warned that serious damage would be done to industry if only certain government departments were subject to spending cuts.
He questioned whether departments such as health and development should be protected.
Mr Cable repeated his call for more capital spending and called for pensioners' benefits to be taxed.
Such an approach has already been rejected by the prime minister.
Chancellor George Osborne's Budget - his fourth - is just over a week away, on 20 March.
The chancellor has said spending cuts must continue if the government is to retain credibility.
Speaking in an interview at the at the World Economic Forum summit in Davos in January, he said deficit reduction was necessary to show that the UK could "pay its way in the world".
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