The approval for release of such a memo, which is being opposed by the FBI, could come as soon as tonight.
A senior administration official, told reporters aboard Air Force One that the president is expected to tell Congress that he is OK with releasing the memo.
Requesting anonymity, the official said it is a Congressional process and that the decision was made after looking at the memo the last few days and making sure "it doesn't give away too much in terms of classification".
"I doubt there will be any redactions. It's in Congress' hands after that," the official said, and refused to answer any further questions.
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Trump's reported decision comes a day after the FBI went public urging against release of the memo.
Some White House official fear that this might result in the resignation of FBI Director Christopher Wray.
Once Trump gives his approval, it would be up to the House intelligence committee to take a final call on the report's release.
House Intelligence Committee chairman Devin Nunes is under pressure from the opposition Democrats and some of his own Republican lawmakers not to release the memo.
On January 31, 2018, the FBI released a rare statement to express their "grave concerns about the material omissions of fact that fundamentally impact the memo's accuracy".
A top Democrat lawmaker, Adam Schiff, who is also a ranking member of the intelligence committee, has accused Nunes of altering the memo.
Democratic leader Nancy Pelosi, issued a string warning to the Republicans against issuing the memo.
"Speaker Paul Ryan, Chairman Nunes and House Republicans reckless decision to release a bogus, partisan memo, pushes the GOP's campaign to cover-up for President Trump to a new, completely unacceptable extreme," she alleged.
Meanwhile, House Judiciary Committee Ranking Member Jerrold Nadler, sent a letter to Chairman Bob Goodlatte, to request an emergency briefing with FBI Director Wray, on his concerns regarding the memo.
The memo, Nadler alleged, is "a set of misleading talking points drafted by the Republican staff of the House Permanent Select Committee on Intelligence.
"The White House plans to release it to the public in an attempt to discredit the FBI and undermine Special Counsel Robert Muellers Russia investigation," Nadler said.
In a separate statement, FBI Agents Association (FBIAA) president Thomas O'Connor opposed the release of the memo.
"The FBI Agents Association appreciates FBI Director Chris Wray standing shoulder to shoulder with the men and women of the FBI as we work together to protect our country from criminal and national security threats," said O'Connor.
He said the agency's special agents remain professional and focused on protecting the US from terrorists and criminals.
"Special agents take a solemn oath to our country and to the constitution, and the American public continues to be well-served by the worlds preeminent law enforcement agency," he said.