The source, who requested anonymity as he was not authorised to brief the press, said there were "preparations to open in February" but could not give further details.
The Ritz-Carlton website was listing rooms as available from February 14.
The hotel has been closed for bookings since early November, when more than 200 princes, ministers and businessmen were rounded up in an anti-corruption purge.
Most of them have since been held at the palatial building.
Saudi Arabia's Crown Prince Mohammed bin Salman, the 32-year-old son of the king, has reportedly spearheaded the crackdown on corruption among members of the government and royal family, as he consolidates his grip on power in the kingdom.
The country's attorney general has said most of those detained struck monetary settlements in exchange for their freedom.
Authorities insist the purge aimed to target endemic corruption as Saudi Arabia seeks to diversify its oil-dependent economy.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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