A source from the US Wall Street Journal said that the rare earth deal "can be signed as early as Saturday, February 22, although it is not yet finalized" and the specific terms have not been disclosed.
Speaking to reporters at the Oval Office on February 21, US President Donald Trump said: "I think they want to negotiate. They feel fine with that.
Meanwhile, on Telegram, Ukrainian President Volodymyr Zelensky stated: "We expect a fair result. This is an agreement that can strengthen bilateral relations, but it is important to clarify the details to ensure effectiveness".
Previously, on February 12, US Treasury Secretary Scott Bessent presented a draft agreement to the Ukrainian side during a visit to Kiev.
However, President Zelensky refused to sign it immediately and did not approve it when meeting US Vice President J.D. Vance at the Munich Security Conference.
Instead, the Ukrainian delegation proposed an amendment with separate terms, but Washington rejected the proposal.
The New York Post reported that the Trump administration has almost reached a deal to access Ukraine's hundreds of billions of dollars worth of minerals, considering it a major step forward in putting pressure on Russia.
The US special missionary to Ukraine, former general Keith Kellogg, who is visiting Ukraine, is expected to play a key role in the negotiations.
US-Ukraine tensions have increased in recent days as President Donald Trump criticized President Zelensky and accused him of obstructing a mineral deal. In response, Mr Zelensky said Mr Trump was receiving "disinformation from Russia".
In early February, Trump said Washington was interested in Ukraine's rare earth resources.
Mr Zelensky expressed his willingness to negotiate but stressed that the outcome could depend on the Munich Security Conference on 14-16.
However, at this conference, Kiev rejected the US plan, which required Ukraine to transfer back 50% of rare earth minerals in exchange for support from Washington. Ukraine argues that the draft does not have any security guarantees.
However, after meeting with Special Envoy Keith Kellogg in Kiev on February 20, Ukrainian President Volodymyr Zelensky said he was ready to reach an agreement with the US to receive effective security guarantees.
The Rare Land Agreement, if signed, could mark an important turning point in US-Ukraine relations and have a profound impact on the regional geopolitical situation.
