Unions - and protesters - will pressure Macron not to promulgate the law, and try to find another way out.
The Council's decision is expected late afternoon or early evening, likely after 1600 GMT.
It could strike down the bill, but this is something it has rarely done and constitutional experts and government sources see this as unlikely.
Political observers say the widespread discontent over the government's reform could have longer-term repercussions, including a possible boost for the far right.
"I'm not that optimistic about the Constitutional Council's decision," far-right leader Marine Le Pen, who opposes the pension legislation, said earlier this week.