President Reagan gave his preliminary approval yesterday to what aides described as a "no surprise" fiscal 1989 budget that will total about $1.1 trillion and adhere to the terms of a deficit-reduction package approved by Congress in November.

"The main thing it does is implement the budget summit and gives assurance to the {financial} markets," said White House spokesman Marlin Fitzwater. "The message to markets is twofold: that we can make an agreement with Congress and meet it and that we've got the deficit on a downward trend."

The two-year budget agreement, covering the current fiscal year and fiscal 1989, followed the October stock market plunge and was aimed in large measure at calming Wall Street.

In the new round of budgeting, scheduled to begin in mid-February when the president sends his budget proposal to Congress, the administration and Congress are aiming to prove to the financial community that Washington has the political will to reduce the federal deficit over a multiyear path.

"There won't be any surprises with the president's budget," one White House official said yesterday after Reagan spent an hour with Budget Director James C. Miller III and Vice President Bush going over the budget totals agency by agency.

The Office of Management and Budget will tell the agencies today how much of their requests the president approved, setting the stage for an appeals process that allows each agency to carry its request for increased funding back to Reagan.

But administration officials are predicting that the 1989 budget will be, in Fitzwater's words, "less contentious" than previous budgets and marked by fewer battles within the administration and with Congress.

"Basically the summit team dealt with all the issues," said Fitzwater. Other administration officials agreed that the major budget items -- overall defense spending, entitlement programs and taxes -- will adhere to the pact. Discretionary domestic spending, which accounts for less than 16 percent of the budget, will produce the main disagreements, officials said.

"The scope of the controversy is much narrowed," Miller said, echoing Fitzwater's comments. "This is an election year and one might expect it to be more partisan except for one major difference -- we have an agreement," Miller said.

Both officials noted that the Nov. 20 budget agreement fixed levels for deficit reductions as well as for domestic and defense spending, issues that have provoked the most conflict with Congress. The new budget will meet the Gramm-Rudman-Hollings requirement for reducing the deficit to $136 billion and will also follow terms of the budget agreement, calling for a $3.5 billion sale of federal assets and $14 billion in new revenues, aides said yesterday.

Details of what spending cuts the president approved were not announced yesterday, but an aide said that the National Aeronautics and Space Administration, whose officials were fearful of deep cuts, "won't have any complaints" with the agency's budget. "NASA has been one of the president's priorities and it remains so," the official said.

"There are always going to be changes at the margin," Fitzwater said. He said the issues that might provoke controversy on Capitol Hill, such as funding for the proposed $6 billion research atom smasher that the Energy Department wants and the $14.6 billion space station that NASA wants, are "well known."

Earlier in his daily briefing, Fitzwater suggested that the president would trim federal spending to levels that would push the deficit below $136 billion. "We would like to cut more because we would always like to cut more," he said.