WASHINGTON—Federal regulators this week are expected to unveil their plans for reversing Obama-era rules that require internet-service providers to treat all web traffic equally, a move that could fundamentally reshape the internet economy and consumers’ online experience.

The changes, expected to be adopted at the Federal Communications Commission meeting in mid-December, would open the door to a wide range of new opportunities for internet providers, such as forming alliances with content firms to serve up their webpages...