Parliament sources said the BJP member from Darjeeling in West Bengal is the most likely choice to head the 30-member joint panel.
Almost the entire Opposition and some allies of the ruling NDA like Shiv Sena and Swabhimani Pakshya, are against various provisions of the amendment bill brought by the government.
Congress and Left parties have been specially targeting the Modi dispensation as anti-farmer and pro-corporate.
The 30-member Joint Committee of Lok Sabha and Rajya Sabha would submit its report on the first day of Monsoon Session on the bill which has already been passed by the Lower House.
The ten Rajya Sabha members include Ram Narain Dudi (BJP), Jairam Ramesh, Panna Lal Punia, Digvijay Singh (Cong), Ram Gopal Yadav (SP), Sharad Yadav (JD-U), Sharad Pawar (NCP), Derek O'Brien (TMC) and Rajpal Singh Saini (BSP).
The government, which had promulgated ordinance twice on the bill since December last after it faced continuous resistance, had agreed to refer it to the committee.