NEW YORK ( TheStreet) -- The New York Times ( NYT) is planning to charge its subscribers less than $20 a month to receive full Internet access to its newspaper, Bloomberg reported today.

The cost of a monthly online subscription will be lower than $19.99, which is the price of the New York Times subscription on Amazon's ( AMZN) Kindle e-reader, Bloomberg said, citing a person familiar with the matter.

Subscribers to the newspaper's print version will be able to access the online service at no extra charge.

The newspaper company is scheduled to release its fourth-quarter earnings report on Feb. 3. Management expects to see a 10% increase in its digital ad revenue for the fourth quarter and a 4% decline in year-over-year print revenue.

The company forecasts circulation revenue will drop between 4% and 5% in the quarter while operating costs are expected to fall about 2% to 3% on higher newsprint prices.

The company has been working on shifting its NYTimes.com site to operate under a subscription based pay model in order to develop a new revenue stream.

During a presentation at a media conference in December, president and CEO Janet Robinson explained that once the new subscription model goes into effect, all visitors will be given free access to a set amount of content. Once users access the allotted amount of free content, they will "trigger a gate" and will not be able to view anymore content without paying for a subscription.

While the company is currently focusing on its digital transformation, Robinson said that it will not abandon its roots. "We will continue printing newspapers for many years to come," she said.

New York Times shares are gaining almost 5% today to just below $11.

-- Written by Theresa McCabe in Boston.

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