Campaigners have asked the university to reconsider the move, highlighting its "strong record" in educating people from disadvantaged groups.
But the university says it needs to reduce costs in line with its student numbers.
University and College Union (UCU) members will meet later to discuss what form the action should take.
Two-thirds (67%) of UCU members voted for strike action.
Members of its sister union UNISON are voting in a separate ballot, closing on 22 May.
Both academic and professional support workers' posts will be closed under the university's proposals.
Staff and students will also lobby the university's board of governors at their general meeting on Tuesday.
Campaigners argue that the university has a track record in "providing educational opportunities for some of the most disadvantaged groups in society".
They say in the academic year starting September 2012, nearly half the students at London Met were from minority ethnic groups, compared with 16% of university students nationally.
In addition, about half were from the poorest groups in society.
UCU's regional official Barry Jones said: "Nobody wants to be on strike and we remain open to sitting down to explore a better way forward than these job losses.
"Far from further cutbacks, this university is in desperate need of investment to expand access to education."
A university spokesman said its costs were too high.
"We therefore need to reduce our cost structure to be more in line with our student numbers, as well as universities in the capital similar to London Met," he said.

Abels Shipbuilders at Albion dockyard on Bristol's Floating Harbour is to cease trading because its owner is retiring.
Bristol City Council said it will continue to partly lease the site as a repair facility.
The final boat  'Forth Hope', set sail on Wednesday afternoon for Edinburgh, where it will become a medical vessel.
Two firms Bristol Classic Boat Company and Slipway Co-operative will continue to build smaller boats in the city.
There is uncertainty over the future of the dry dock, and owner David Abels, 66, hopes it is not redeveloped because it is "the last one left".
Mr Abels has leased Albion Dockyard, which has been in operation since 1820, for 37 years.
Mr Abels voiced concerns it would be redeveloped into residential apartments and said: "Once you lose it, it's gone. The dock is an essential part of Bristol being Bristol".
The Bristol Ships Board said there would no longer be a dry dockyard in Bristol if the Albion closes.
Bristol City Council confirmed the lease had gone out to tender and the authority is gathering expressions of interest, including one from the SS Great Britain Trust.
Robert Orrett, from Bristol City Council, said: "Anyone that takes the new lease will have a contractual obligation to us to make sure the larger vessels in the harbour that need to be maintained continue to have a facility."
Inside Out West will feature David Abels' story on Monday, 3 October. The programme followed the construction of the ship over the past six months.
Teaching and support staff at London Metropolitan University have voted to strike in protest over 165 job cuts.
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The last builder of large ships in Bristol has closed after its final vessel sailed out of dock.