There had been fears it could be at least a decade before a female member of the clergy was given a place in the Lords after the Church of England's General Synod voted in favour of woman bishops last month.
The Sunday Times reports that Deputy Prime Minister Nick Clegg has ordered the law to be re-written to allow woman to jump the queue of bishops waiting for a seat.
It means the first female bishop would take the next place in the 'Lords Spiritual' when it becomes free.
The first could be in place by the middle of next year.
Twenty six bishops have a place in the House of Lords but only five, Canterbury, York, Winchester, Durham and London, have a permanent seat.
The rest of the Church of England's seats are given on the basis of service length, with the average wait around ten years.
Reports suggest the law will last a decade to create equal representation before being changed back.