The report said on Friday that several key companies in Japan and the Netherlands, as part of the agreement, will implement some US export control measures the United States adopted in October.
The new agreement will restrict China's access to semiconductor technology from Dutch firm ASML and Japanese firms Nikon Corp and Tokyo Electron Ltd., the report said.
Dutch Prime Minister Mark Rutte, according to reports, said earlier in the day that it is unclear if the Netherlands will disclose details about the agreement.
In December, Bloomberg reported that Japan and the Netherlands agreed in principle to uphold some US controls on exporting advanced chipmaking machinery to China.
According to the report, the two countries were expected to ban the sale of machinery capable of manufacturing 14-nanometer or more chips to China.
In October, the Biden administration expanded controls on the export of US semiconductor technology going to China to restrict Beijing's ability to make certain high-end microchips used in military applications. Beijing took the matter to the World Trade Organization (WTO), filing a lawsuit challenging the US export controls.