"Nobel Peace Prize? I think President Moon was very nice when he suggested it," Trump said, referring to South Korean President Moon Jae-in.
"The main thing, I want to get peace. It was a big problem and I think it's going to work out well," he told reporters in the Oval Office.
Trump has proposed holding the summit at the truce village in the Demilitarized Zone separating the two Koreas, adding that two or three locations were under consideration.
"We're setting up meetings right now and I think it's probably going to be announced over the next couple of days, location and date," Trump said.
The summit, which has come together rapidly after months of tense saber-rattling over the North's nuclear and missile programs, would be the first ever between a US president and a leader of North Korea.
"President Trump can take the Nobel prize. All we need to take is peace," he said.
Trump said it was "very generous of President Moon of South Korea to make that statement and I appreciate it but the main thing is to get it done."
"I want to get it done," he added.
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