Electoral reform plans in the last parliament suggested creating constituencies of 75,000 voters, but the island currently has about 110,000.
Conservative Andrew Turner MP tweeted the island "will have two MPs by 2020".
The Boundary Commission confirmed two undersized constituencies was the likely outcome of a new review.
In 2010, during the last review of constituency boundaries, the commission proposed dividing the Isle of Wight.
About 16,000 people signed a petition to stop a second island constituency being added to part of Hampshire.
The boundary review was never completed in the last parliament as the Lib Dems withdrew their support following a dispute with their Conservative coalition partners over proposed elections to the House of Lords.
The Boundary Commission is due to begin a new review of boundaries in time for the 2020 general election.
Mr Turner said: "Now we have the majority, the government can indeed turn it from a one-constituency to a two-constituency island."
He said it was likely to be an east-west division and there would "absolutely not" be any splitting of a constituency between the island and part of the mainland.
The Isle of Wight will be split into two Parliamentary constituencies at the next general election, its current MP has said.