A Government White Paper on football governance was finally published last month and proposed the creation of a new regulator supported by statutory powers to oversee the financial sustainability of English clubs.
The Government envisages the regulator being responsible for a club licensing system compelling clubs to be run sustainably and in consultation with their fans, and for a more robust test on prospective owners and directors of clubs.
The Digital, Culture, Media and Sport committee has confirmed it will hear from Masters, along with Football Association chair Debbie Hewitt and EFL chair Rick Parry, next Tuesday morning.
The three organisations are in ongoing talks over a 'New Deal For Football' covering financial distribution, cost controls, calendar issues and work permits.
The Government said the new regulator, once up and running, would be given backstop powers to impose a financial settlement if one could not be agreed.
Planet Sport understands the Premier League has offered an additional £125million a year of funding to the EFL. Both leagues have declined to comment on that development.
The EFL has broadly welcomed the creation of a new regulator, but Masters has said care must be taken to avoid "unintended consequences" of regulation which weaken the Premier League's status and competitiveness.
The DCMS committee will also hear from Conservative MP Tracey Crouch, the chair of the fan-led review which made the recommendations that formed the basis of the White Paper.
Kevin Miles, the chief executive of the Football Supporters' Association and also a fan-led review panel member, will also give evidence to the committee.