However, the details of a possible deal are under wraps.
A TikTok deal between China and the United States could be signed as early as Thursday, US President Donald Trump said aboard Air Force One en route to Japan from Malaysia, CNBC reported.
The deal, which will see new ownership of the app's operations in the US, is estimated to be valued at $14 billion (€12 billion).
On Sunday, US Treasury Secretary Scott Bessent said on CBS’s "Face the Nation" show that a TikTok deal had been finalised.
"We reached [a deal] in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea," he said.
Trump signed an executive order in September that paved the way for a potential deal in the US with the majority of US investors, including Oracle's Larry Ellison.
American and international investors would own around 65 per cent of the company. ByteDance, TikTok's parent company, and Chinese investors would own less than 20 per cent of it.
The executive order also means that the oversight of TikTok's algorithm would be granted to the new investors. The algorithm is seen as important as it determines what content users see in their feeds.
The proposed deal means American TikTok would use a new algorithm trained on US user data.
The push to change TikTok's ownership in the US comes after Congress passed a bill in 2024 that ordered ByteDance to find a US-approved buyer or see TikTok shut down. The US cited cybersecurity fears.