The sources said it was Beijing's request that the summit be held at Mar-a-Lago, Mr Trump's "Winter White House", where the US President entertained Japanese Prime Minister Shinzo Abe last month.
Axios first reported on the Xi Jinping visit.
The summit could mark a change of relations between the two presidents. During his presidential campaign, Trump accused China of unfair trade policies.
North Korea is also a flashpoint in U.S.
United States appears to root for Kurdish support in Raqqa push: Turkey
And as a Turkish official admitted to Reuters, the United States is committed to conducting Raqqa with the SDF , not Turkey. The U.S. has moved 500 soldiers to the outskirts of Manbij, according to Ilnur Cevik, chief adviser to Erdogan.
Washington could seek Chinese cooperation on such matters as North Korea's missile tests and nuclear provocations, as well as to ease tensions in the South China Sea over territorial disputes with its regional neighbours.
He has been less vocal about the trade imbalance between the USA and China since taking office, but it was a major theme of his campaign.
Beijing suggested last week that the USA should suspend its joint defense drills with South Korea in exchange for North Korea to halt its missile tests.
Shortly after the election, Trump spoke with the president of Taiwan in a move that appeared to question the United States' long-standing "One China" policy that recognizes only the Beijing regime as the nation's true government.
The Palm Beach meeting would mark the first in-person meeting between the two presidents.