North Korean leader Kim Jong Un Inspects a newly built catfish farm in Sunchon, North Korea last November, shortly before the country launched an intercontinental ballistic missile. "We'll be announcing it very soon", Trump said from the White House lawn.
The president has said that Singapore and the demilitarized zone between North Korea and South Korea were under consideration, and he has said the summit could take place in late May or early June.
When will Trump and Kim meet?
Washington has been able to secure the release of its citizens in the past but banned Americans from visiting the North after college student Otto Warmbier's death soon after being returned to the U.S.in a comatose state a year ago.
"Whether or not it's true, we at least know it's being considered", said Pak, now an Asia expert at Brookings.
"Pyongyang Time" was created as tensions between the authoritarian country and the USA grew over Pyongyang's nuclear weapons program and global sanctions aimed at dismantling it.
Earlier, the White House denied a report that Mr Trump is seeking options to reduce United States troop presence on the Korean peninsula.More news: Mystery pooper on high school's track field was superintendent, police say
Trump continued talking to reporters about the summit after boarding Air Force One.
But officials acknowledged that a peace treaty between the two Koreas - technically still at war since the 1950s, with only an armistice in place - could diminish the need for the U.S. forces, The Times said.
Trump on Friday also heavily hinted that the release of three Americans by North Korea was in the offing, but again was sparing on the details.
Amid easing tensions between the USA and North Korea, those within Trump's orbit have hinted that the hostages would soon be released.
"Reduced troop levels are not meant to be a bargaining chip in Mr Trumps talks with Mr Kim about his weapons programme", the daily said quoting unnamed administration official. "I think you will be seeing very, very good things".
The rally is scheduled to close the 15th North Korea Freedom Week, an annual event beginning in the last week of April that focuses on raising awareness about the human rights situation in the authoritarian state.
But a spectacular detente in recent months has fed hopes of a historic turning point in the region, and an easing of decades of hostility between Pyongyang and Washington.