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Labour leader Ed Miliband: "We are determined to get a solution that will deliver for victims"
Labour and the Liberal Democrats are expected to outline proposals on press regulation later, after the prime minister's surprise announcement of a vote on his own plans next week.
The statutory underpinning recommended by the Leveson report has been supported by Labour and the Lib Dems.
David Cameron opposes that, wanting a regulator established by royal charter.
He halted cross-party talks on Thursday, with a debate and vote on his proposals due in Parliament on Monday.
"MPs don't yet know exactly what options they will be faced with" in Monday's debate on the Crime and Courts Bill, said BBC political correspondent Robin Brant.
"There was a frantic rush to beat the deadlines imposed by parliamentary procedure last night - details of several competing amendments are expected to be published later."
Labour is expected to table amendments designed to produce what the party describe as "a Leveson-compliant royal charter".
Culture Secretary Maria Miller told BBC Radio 4's Today programme there were "fundamental differences" between the Conservative proposals for press regulation and those of Labour and the Lib Dems.
She insisted her party favoured "the toughest press regulation this country has ever seen" and wanted swift action for victims of press abuse rather than "further talking".
"It's important we don't go down the path of state licensing of the press," she added, stressing that a system of incentives rather than one of statutory compulsion was vital for effective press regulation.
UnderpinningThe Leveson inquiry was set up by Mr Cameron to examine the culture, practice and ethics of the press in the wake of the phone-hacking scandal at the now-defunct News of the World tabloid.
Its 2,000-page report, published in November, found press behaviour was "outrageous" and "wreaked havoc with the lives of innocent people".
It recommended that the press should set up a tough new independent regulator, but the system should be underpinned by legislation to ensure the system was effective.
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Prime Minister David Cameron: "We have a workable system ready to go"
The report exposed divisions in the coalition government, with Mr Cameron opposing statutory control.
Labour Party sources say they expect their proposals to be supported by Lib Dem votes, following talks between Labour leader Ed Miliband and Lib Dem deputy prime minister Nick Clegg.
Many who oppose statutory control feel it could limit freedom of speech, whereas those who back it say self-regulation - the current system of press regulation - has been shown to be ineffective in preventing press intrusion.
The prime minister is understood to have told Mr Clegg and Mr Miliband by phone on Thursday that he would not accept a press law of any kind.
Speaking later at a Number 10 press conference, Mr Cameron said the press treatment of people such as the families of missing girl Madeleine McCann and murdered teenager Milly Dowler had been "absolutely despicable".
He said a royal charter would help to create the world's "toughest" regulatory system, which would allow the imposition of "exemplary damages" on newspapers that refused to sign up.
'Disappointed'One of the reasons cited by the prime minister for halting the cross-party talks was that he felt other bills were being delayed and potentially endangered by efforts to pass Leveson-related legislation.
Mr Clegg said he was "disappointed and surprised that David Cameron has decided to walk away from the cross-party talks" just when "real progress" was being made.
"Clearly I don't agree with David Cameron's approach. I will be working with politicians... from all parties to make sure we deliver the right solution," he said, adding that press regulation should not be the subject of "party political points scoring".
And Mr Miliband said the prime minister's solution did not serve the victims of press intrusion as "ministers could change his proposals without reference to Parliament, and it's not properly independent of the press".
He said a cross-party solution could still be reached, even if Labour and the Lib Dems went above Mr Cameron's head to talk to Tory MPs.
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Nick Clegg: "David Cameron has decided to turn his back on a cross-party approach, I have not"
Media reform campaign group Hacked Off said the prime minister's announcement "shows that he's still protecting his friends in the press and betraying press abuse victims".
Baroness Sheila Hollins, the mother of Abigail Witchalls, who was attacked and became the subject of media intrusion, said press freedom should allow newspapers "to act in an ethical responsible way".
She added: "It is not freedom for them to continue to work in a way which intrudes on people's lives, which harasses them, which intimidates them, which misrepresents them."
In a joint statement, executives of major newspaper publishing groups and press bodies said: "The prime minister is right to reject statutory regulation of the press - free of political control for 300 years - as fundamentally wrong in principle and unworkable in practice."
They said the industry was "ready to move with speed" on its own vision of a new system of self-regulation, which "delivers fully on the Leveson principles and will provide real protection for members of the public".
In Scotland on Friday, an expert report on regulation of the press north of the border will be published.
Former High Court judge and solicitor general Lord McCluskey was appointed by First Minister Alex Salmond to recommend press regulation reforms in Scotland. Press regulation is devolved to the Scottish parliament.
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