The meeting with Russian leader is planned to be the first Trump's foreign trip and will be held in Icelandic capital, as it was three decades ago between the two countries, the Sunday Times newspaper reported.
Moscow is set to agree to the meeting between the leaders of the two countries, the newspaper reported, citing the sources who discussed the plans with the officials at the Russian embassy.
Trump will launch a work on a deal limiting nuclear arms within a "reset" in US-Russian relations, according to the newspaper.
The Reykjavik Summit, that took place on October 11-12, 1986, was the second in a series of Soviet-US summit meetings in 1985-1988 that changed bilateral relations and the international situation dramatically. The two superpowers transited from open confrontation to a policy of compromise and agreements, primarily on nuclear disarmament.