The announcement follows a meeting between President Putin and US National Security Adviser John Bolton.
Mr Trump said his meeting with Mr Putin could take place after next month's Nato summit in Brussels.
The president said the meeting could possibly take place in the Finnish capital, Helsinki.
He told reporters he would discuss the war in Syria and the situation in Ukraine with his Russian counterpart.
Mr Trump last met the Russian president in November in Vietnam on the sidelines of an Asia-Pacific summit.
The decision to hold a meeting between the leaders was announced earlier on Wednesday by a Kremlin foreign policy adviser, Yuri Ushakov.
The summit would take place in a mutually convenient third country, with the date and location to be officially announced on Thursday, Mr Ushakov said.
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