The potential summit, which Trump suggested could take place in approximately "two weeks or so," will be the second face-to-face meeting between the two leaders this year, following their encounter in Alaska in August, which did not yield a major diplomatic breakthrough.
"President Putin and I will then meet in an agreed-upon location, Budapest, Hungary, to see if we can bring this 'inglorious' War, between Russia and Ukraine, to an end," Trump wrote on Truth Social.
The choice of Budapest, whose Prime Minister Viktor Orbán has maintained cordial relations with Russia, is notable.
The development comes just one day before President Trump is scheduled to meet with Ukrainian President Volodymyr Zelenskyy at the White House on Friday, where the possible supply of long-range Tomahawk cruise missiles is expected to be a major point of discussion.
Trump's conversation with Putin reportedly touched on the missile issue, which Kyiv has been urging, arguing the weapon's deep-strike capability could force Russia into serious negotiations. Kremlin aide Yuri Ushakov, however, stressed that Putin told Trump that supplying Tomahawks would "inflict substantial damage" to U.S.-Russian relations and prospects for a peaceful settlement.
Trump, fresh off his administration's diplomatic efforts that secured a fragile ceasefire between Israel and Hamas, appears to be pivoting his focus to the long-running conflict in Ukraine.
To lay the groundwork for the summit, Trump said he would dispatch Secretary of State Marco Rubio to meet with Russian Foreign Minister Sergei Lavrov next week.