Diplomatic sources have stated that the despot leader has sent a letter to Mr Trump, using South Korea as a conduit, inviting him for a meeting.
The invitation is set to be at the heart of the announcement although it is also expected that a meeting between Kim and South Korean leader Moon Jae-in will also be discussed.
It is understood that the potential diplomatic breakthrough will not change plans between the US and South Korea to conduct military drills.
Mr Trump stated that a statement will come tonight “on a big subject – North Korea”.
South Korea’s national security advisor, Chung Eui-yong, is scheduled to make the announcement.
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Officials on the matter are understood to have told reporters that they do not know the details of the announcement.
Mr Trump was pictured outside of a briefing room where he issued the shocking revelation.
Although the exact details of the announcement are unknown, it comes after hours of talks between the US and South Korea surrounding inter-Korean talks.
Mr Chung was part of a 10-member South Korean delegation that travelled to Pyongyang earlier this week.
The US and the hermit kingdom have been at loggerheads for months over the North’s nuclear and missile programmes, with Mr Trump and the despot leader trading insults and threatening war.
Tensions between the two Koreas eased during the recent Winter Olympics in South Korea, where President Moon Jae-in hosted a high-level North Korean delegation.
Kim Jong-un invited Moon to North Korea for a summit, which Moon said the two sides should work towards.
Following the meeting, North Korea’s media outlet, KCNA, stated that a “satisfactory agreement” was achieved following talks.
It said: “Hearing the intention of President Moon Jae-in for a summit from the special envoy of the south side, (Kim Jong-un) exchanged views and made a satisfactory agreement.”
On Tuesday the Republican firebrand iterated that “possible progress” was being made regarding talks with the rogue state.
However, he warned that it may just be “false hope”.
He tweeted: “Possible progress being made in talks with North Korea.
“For the first time in many years, a serious effort is being made by all parties concerned.
“The world is watching and waiting! Maybe false hope, but the US is ready to go hard in either direction!”