The president-elect's team hopes the report will end speculation that Obama or any members of his campaign staff or future Cabinet were involved in the governor's alleged "pay-to-play" schemes.
Obama is not accused of any wrongdoing. The FBI complaint against Blagojevich suggests the president-elect would not engage the governor in his alleged attempts to sell the Senate seat. The affidavit shows Blagojevich swearing when speaking of the president-elect and his team's apparent unwillingness to offer him anything of value in exchange for appointing Obama's candidate of choice.
Obama has been dogged by questions about the charges since Blagojevich's arrest two weeks ago.
Obama said he withheld the results of his internal review at the request of U.S. Attorney Patrick Fitzgerald, who has led the investigation. But Obama said the report will show his staff had no "inappropriate" discussions with the governor or his office about the vacant Senate seat.
Last week, Obama said it was "a little bit frustrating" to hold on to the report for as long as he has. He said he wanted to "correct immediately" the speculation in the press.
ABC News reported Sunday that Emanuel spoke with Blagojevich just once about the seat and four times with the governor's former chief of staff, John Harris, who was arrested with Blagojevich.
It is not known if any of those discussions are included in tapes investigators began making of Blagojevich's conversations in October.
An official familiar with Obama's internal review said the president-elect's team wrote its report without having access to transcripts of the FBI's taped conversations. The source spoke on condition of anonymity because this person was not authorized to discuss the review publicly.
Obama, who is on vacation in Hawaii, had promised to release the review this week.
"We have a report," Obama spokeswoman Stephanie Cutter said Monday. "It's been ready for release for a week. We've held off at the request of the U.S. Attorney's office and that continues to be the case, though we expect to be able to release the report shortly."
Blagojevich believed Emanuel was advocating that he name Obama friend and aide Valerie Jarrett for the Senate seat so Emanuel would not have to compete with her for Obama's attention in the White House, according to one source.
The federal complaint, which charges the governor with seeking cash and favors for Obama's seat, doesn't cite conversations with Emanuel or others on the transition staff.
Since Blagojevich's arrest on Dec. 9, Obama has made few public remarks about the federal claims that the governor wanted a presidential appointment, a job for his wife, campaign contributions or donations to a nonprofit he hoped to create in return for filling the Senate seat.
Emanuel has refused to comment on his recent interaction with Blagojevich and his staff. Emanuel succeeded Blagojevich in his House seat in 2002, when Blagojevich became governor. Emanuel also served as an informal campaign adviser to the governor and shares a mutual friend with Blagojevich who has become a key player in the criminal investigation.
Blagojevich expressed frustration in one conversation taped by the FBI that Obama and his advisers weren't "willing to give me anything except appreciation. (Expletive) them," the FBI affidavit states.
The Associated Press contributed to this report.