A vote in favour would be one of the last remaining steps in determining Telstra's participation in the NBN, and would be a move closer towards the closure of the fixed-line copper network.
CBA Institutional Equities analysts Alice Bennett and Nathan Burley said shareholders were expected to give the deal the tick of approval at Tuesday's annual general meeting.
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"We expect shareholders to vote clearly in favour of co-operation with the NBN and for structural separation," the pair said in a research note dated October 14.
Telstra chief executive David Thodey was also confident of a positive result.
"The response from both the institutional shareholders and generally the retail base has been very positive," Mr Thodey told ABC Television's Inside Business on Sunday.
Negotiations with the federal government and NBN Co took almost two years to arrive at what Mr Thodey earlier this year described as possibly the most complex transaction in the history of corporate Australia.
NBN Co is the government-funded company charged with building and operating the network.
Under the deal, Telstra will progressively decommission its copper-based network, and allow NBN Co to access its pits, manholes and exchanges, and sell some infrastructure.
In return, Telstra will receive $11 billion from the federal government, with the financial benefits to come over a period of 30 years.
The Telstra board, as well as a number of corporate advisory firms and the Australian Shareholders Association, have recommended a yes vote.
Independent advisory firm Grant Samuel concluded in a report that the deal was the best possible outcome for Telstra shareholders, as it added $4.7 billion to the telco's value.
Grant Samuel said in the report the implementation of the NBN would strip $11.6 billion from Telstra's cashflows and revenue.
However, that would be more than covered by the eventual value of its transaction with the federal government and NBN Co, estimated by Grant Samuel to be $12.8 billion, plus $3.5 billion in costs avoided by not competing with the NBN, the firm said.
The final step was the outcome of the Australian Competition and Consumer Commission's (ACCC) review of Telstra's structural separation undertakings (SSU).
The ACCC was yet to rule on the undertakings but said in August that it could not accept a crucial aspect of the SSU, saying the telco had no compliance plan for its commitment to structurally separate its two arms from 2018.
Telstra and the ACCC have been meeting over the issue and the CBA Institutional Equities' analysts said they expected the parties to reach an agreement.
"We anticipate that ACCC approval will not come until November, but remain confident agreement will be reached with changes requiring minimal cost to Telstra," Ms Bennett and Mr Burley said.
The structural separation was due to be completed by 2018 and involved the telco giant splitting into two entities, a retail arm and a wholesale arm.
Telstra closed up four cents at $3.11.
