A US official told the outlet that Trump would allow sanctions to go forward on Iran, however, nothing is final until the president makes his announcement at 2:00 p.m. (7:00 p.m. GMT).
The report added that it could take months to put the new sanctions in place because the US government would need to develop guidance for companies and banks.
READ MORE: Top 5 Facts About the Iranian Nuclear Deal
Trump has repeatedly criticized the Iran nuclear agreement as one of the worst deals in history.
The foreign ministers of Germany, the United Kingdom and France have issued a joint statement saying their countries will stay in the JCPOA even if the United States pulls out of it.
The JCPOA was signed by Iran with the United States, Russia, China, the United Kingdom and France — the five permanent members of the UN Security Council — plus Germany and the European Union in Vienna on July 14, 2015.