The proposed emergency would include a suspension of Parliament, which was scheduled to reconvene in November, one of the sources said.
The sources, who did not want to be named as they were not authorised to speak to the media, did not identify the reason for the premier's request.
Malaysia is seeing a resurgence in coronavirus cases, and Muhyiddin is facing a leadership challenge from opposition leader Anwar Ibrahim, who last month said he had majority support in Parliament to form a new government.
Under the constitution, the King can declare a state of emergency if he is satisfied that there is a sufficient threat to national security, economy or public order.
Malaysia last declared a national emergency in 1969 after civil unrest and race riots.
State news agency Bernama said Muhyiddin was in a meeting with King Al-Sultan Abdullah.
Muhyiddin's office and the palace did not immediately respond to requests for comment.
