Details of the summit were finalised in a meeting between Putin and US National Security Adviser John Bolton on Wednesday, and are expected to be announced on Thursday.
President Trump hailed the news of the upcoming summit during a meeting with the Portuguese President Marcelo Rebelo de Sousa in the Oval Office of the White House.
He said: “It’s looking like we will be probably meeting sometime in the not too distant future.
“And I’ve said it from day one: getting along with Russia, with China and with everybody is a very good thing.
“It’s good for the world, it’s good for us, it’s good for everybody.”
Putin’s adviser Yury Ushakov reported to the Russian news agency Ria Novosti that the summit may last “for a few hours” and would be “the main international event of the summer”.
The official noted the event is of paramount importance to both nations and to the wider international community.
He indicated the two leaders would likely meet at midday and hold one-on-one negotiations.
President Trump stated in the Oval Office the meeting would likely take place following his working visit to the UK and the NATO meeting in Brussels in mid-July.
However the announcement of the summit is likely to raise concerns among EU leaders who fear UK-led plans to isolate Russia following the Skripal scandal could be undone.
President Trump is also likely to draw criticism from US commentators, who accused the US leader of colluding with the Russian Government during the 2016 Presidential election campaign.
Mr Bolton nevertheless rejected these concerns and stated the summit would be beneficial for the international community.
Speaking at a news conference Moscow, Mr Bolton said: “Both President Trump and President Putin think they may be able to find constructive solutions.
“I’d like to hear someone say that’s a bad idea.”
The US official added President Trump would likely raise the issue of Russian meddling in the US elections.
He said: “People have said or implied over time that a meeting between President Trump and President Putin would somehow prove some nexus between the Trump campaign and the Kremlin, which is complete nonsense.”
However President Trump offered less clarity over the topics of debate he intends to raise with his Russian counterpart.
He said: “I think we’ll be talking about Syria, I think we’ll be talking about Ukraine, I think we’ll be talking about many other subjects and we’ll see what happens.”
And questioned whether he would raise the issue of Russian meddling, President Trump said: “You never know with meetings, right? But I think a lot of good things can come from meetings with people.”