He said Secretary of State Marco Rubio will meet with Russian officials next week, followed by a summit between the US president and Putin.
Trump made the announcement after a phone call with Putin Thursday, which he said was lengthy.
Ukrainian leader Volodymyr Zelensky is due to meet Trump at the White House Friday to seek increased military support for Ukraine, including long-range Tomahawk missiles.
Trump has expressed frustration with Putin's ongoing attacks and said he could supply the weapons to Ukraine if Russia doesn’t come to the negotiating table to end the war.