The Washington Post reported that Sarah Huckabee Sanders, the White House press secretary, had told reporters the meeting will not happen due to "scheduling conflicts".
However, she added that the pair might bump into one another in a more informal setting.
“Are they going to bump into each other and say hello? Certainly possible and likely,” she said.
“But in terms of a scheduled, formal meeting, there’s not one on the calendar and we don’t anticipate that there will be one.”
It wouldn't be the first time Trump has met with Putin: the US President held a formal two-hour meeting during the G20 summit this year, although they were also accused of holding a secret meeting.
The relationship between the two has come under increasing scrutiny after revelations about Trump's son in law, Jared Kushner, and his contacts with Russia.
Social media campaign
At the end of last month Google said a state-backed Russian agency had spent nearly $5,000 on on display ads, and published 1,108 videos on 18 YouTube channels.
The news came shortly after Facebook said it believed 126m US citizens, or 40 per cent of the population, may have been exposed to 80,000 posts with links to Russia in the run-up to the election.