"It will not be very long" before the sanctions are announced, Davutoglu said at a news conference Tuesday, The Wall Street Journal reported.
He offered no details beyond saying the sanctions would differ in "nuance" from the sanctions imposed Sunday by the Arab League.
Earlier, Davutoglu told Turkey's private Kanal 24 television station a military buffer zone along the border with Syria was possible if the refugee situation worsened, but he told the news conference such an action was "not on the agenda."
He said Syria was "ready for all possible scenarios."
Additional economic sanctions could help pry the business community's support from President Bashar Assad. Turkey's trade with Syria totaled $2.4 billion last year, the Journal said.
Turkish Transportation Minister Binali Yildirim told the state Anadolu Ajansi news agency border crossings with Iraq may be opened if the situation in Syria gets worse.