Netanyahu made the comment late yesterday before boarding a flight to the United States.
"I'll definitely discuss with him that possibility," Netanyahu said in response to a journalist's question on whether he planned to invite Trump for the occasion.
"I'm very grateful to him for this historic decision to recognise Jerusalem as Israel's capital and to move the American embassy to Jerusalem on our independence day," he said.
For Palestinians, the date represents the anniversary of the Nakba, or "catastrophe", in which hundreds of thousands either fled or were expelled from their homes in the war surrounding Israel's creation.
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Trump's December 6 Jerusalem declaration outraged Palestinians and broke with decades of international consensus that the disputed city's status must be negotiated between the two sides.
Other countries have their embassies in Tel Aviv.
The new embassy will initially be located in a US consular building in Jerusalem while Washington searches for a permanent location.
The Palestinians see east Jerusalem as the capital of their future state.