Biden, Xi expected to hold virtual summit on Monday
Both CNN and Politico, citing unnamed sources, said the meeting was tentatively scheduled for Monday.
Relations between the world's two largest economies have deteriorated in recent weeks, in particular over Taiwan, a self-ruling democracy claimed by China, which last month made a record number of air incursions near the island.
Asked about the meeting at a press briefing on Thursday, China's foreign ministry said the two heads of state had "agreed to maintain frequent contact through multiple means."
Biden and Xi have talked by phone twice since the veteran Democrat moved into the White House. The pair also met extensively when Biden was serving as vice president to Barack Obama, and Xi was vice president to Hu Jintao.
Biden had hoped to meet Xi at a recent Group of 20 summit in Rome, but the Chinese leader has not traveled since the start of the Covid-19 pandemic and instead agreed to virtual talks by the end of the year.
On Thursday, Xi warned against a return to Cold War-era divisions in the Asia-Pacific, in remarks to a virtual business conference on the sidelines of the Asia-Pacific Economic Cooperation summit hosted by New Zealand.
"Attempts to draw ideological lines or form small circles on geopolitical grounds are bound to fail," he said.
"The Asia-Pacific region cannot and should not relapse into the confrontation and division of the Cold War era."