McDonald's is planning to launch a $5 meal option.

• McDonald's is introducing a value meal in U.S. stores to offset the challenging environment for consumers.
• A meal for $5 could consist of a McChicken or McDouble, four-piece chicken nuggets, fries, and a beverage.
• At a time when low-income consumers are cutting back on spending, particularly at fast-food chains, a new offering is being introduced.

Two sources close to the matter revealed to CNBC that the company is planning to launch a value meal in its U.S. stores to address the growing challenges faced by consumers.

Bloomberg News first reported that the $5 meal could consist of a McChicken or McDouble, four-piece chicken nuggets, fries, and a drink, as stated by the people.

The new product is being introduced as low-income consumers are cutting back on spending, especially at fast-food chains. According to Bank of America's data, mentions of low-income consumers on company earnings calls have increased to their highest levels in nearly two years. Executives from McDonald's to Burger King have all acknowledged the decrease in spending.

McDonald's reported a mixed first quarter, with U.S. same-store sales slightly below expectations. Despite higher prices, average checks grew due to increased menu offerings. However, some consumers reduced their spending due to the higher costs.

On the company's earnings call on April 30, CEO Chris Kempczinski stated that consumers are becoming increasingly discriminating with their spending, putting pressure on the quick-service restaurant industry due to elevated prices in their daily lives.

To attract diners, McDonald's must be "laser-focused" on affordability, he stated.

Kempczinski stated on the call that McDonald's is currently working on a national value deal in the U.S. Meanwhile, Borden, the company's Chief Financial Officer, revealed that the U.S. leadership team is closely collaborating with owner-operators in this challenging climate. However, there is often a disagreement between McDonald's corporate and franchisees, who run 95% of McDonald's locations and have a significant say in such offerings, over promotions that could negatively impact the owners' profits.

McDonald's' initial proposal for a $5 value meal did not pass the necessary hurdles, and additional details are being discussed, according to a source. A second source stated that additional marketing funds were added to the equation to make the deal more appealing.

Neither McDonald's nor Coca-Cola provided a comment when requested by CNBC.

— CNBC's Amelia Lucas contributed to this article.