The EU declined to sanction the 125,000-strong IRGC without a court decision from an EU nation that declares it is engaged in terrorist activities.
Herzog will give an address before the European Parliament to mark International Holocaust Remembrance Day on Thursday.
The European Parliament last week called on the EU to list the IRGC as a terrorist entry.
"We are ready to reciprocate. But we ask the Westerners to think carefully so that the window of opportunity for diplomacy is not closed," said the Speaker of Iran's Islamic Council.
The United States will impose additional sanctions next week against the Russian private military company, the Wagner Group.
"We believe we should already start working on the fifth [sanctions package] to list IRGC as a terrorist organization," said one EU diplomat.
On Thursday, the European Parliament is expected to pass another resolution dealing with Iran, including a call to declare the Revolutionary Guards a terrorist organization.
Two members of European Parliament have had their immunity waivered for accepting bribes from Qatar