The plans follow a meeting between Trump and British Prime Minister Theresa May on the sidelines of the summit yesterday.
"The PM and President concluded by asking officials to work together on finalising the details of a visit by the President to the UK later this year," Downing Street said.
The visit will not take the form of a formal State Visit, which involves a ceremonial welcome from Queen Elizabeth II and a state banquet at Buckingham Palace.
The meeting between the two leaders in Switzerland was seen as crucial after Trump had suddenly cancelled plans of a working visit to open the new US Embassy building in London next month.
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While ostensibly he blamed the previous Barack Obama led US government for a bad decision on selling off the older US Embassy building for "peanuts", the cancellation was widely seen as a sign of strain in UK-US ties following the US Presidents re-tweets of videos from a far-right UK group
Trump sought to quash those rumours by expressing his "love" for the UK and saying relations between the two countries remain strong.
"I have a tremendous respect for the Prime Minister and the job shes doing and I think the feeling is mutual from the standpoint of liking each other a lot. That was a little bit of a false rumour out there, I just wanted to correct it," Trump told reporters.
"We love your country," he said, adding that the US and UK were "joined at the hip" on military matters.
Later, in an interview with Britains ITV channel, he said he was prepared to apologise for retweeting posts from Britain First.
The row over the tweets last year had escalated further after Theresa May said: "I'm very clear that retweeting from Britain First was the wrong thing to do." It had prompting Trump to tweet directly to the British PM, asking her to focus on "terrorism" in the UK instead.
Asked if he regretted the tweets, Trump said: "They had a couple of depictions of radical Islamic terror. It was done because I am a big believer in fighting radical Islamic terror. This was a depiction of radical Islamic terror."
"I know nothing about them, I don't want to be involved with people [like that]," he said in reference to the far- right group.
Downing Street later said that Trump's words on Britain First "speak for themselves".
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