French president Emmanuel Macron had proposed a summit with Mr Biden and Mr Putin to discuss “security and strategic stability in Europe”.
The Kremlin said that no firm plans have yet been made for the summit.
Mr Biden had accepted the meeting with Mr Putin “in principle” but only “if an invasion hasn’t happened” – the White House said.
White House press secretary Jen Psaki said: “The president has repeatedly made clear, we are committed to pursuing diplomacy until the moment an invasion begins.”
She added: “We are also ready to impose swift and severe consequences should Russia instead choose war.”