China's ByteDance is reportedly planning a U.S. initial public offering of TikTok Global.
That's the name of the new company that would operate the popular short video app - if its proposed deal is cleared by the U.S. government.
An IPO of TikTok would be one of the tech sector's biggest-ever stock market debuts.
The app was recently valued by ByteDance investors at more than $50 billion.
Sources say the IPO would be on a U.S. stock exchange in about a year.
And would further reduce ByteDance's stake in the company to appease U.S. officials.
ByteDance is racing to clinch an agreement that will stave off a U.S. ban on TikTok.
Trump has threatened a ban could happen as early as next week.
It's over U.S. concerns over the personal data of as many as 100 million Americans.
Trump's also opposed to ByteDance retaining majority ownership of TikTok.
One source told Reuters that the White House and ByteDance have agreed on some aspects of a deal.
But added that Trump has not yet approved it.
The source said top ByteDance U.S. investors, Oracle and potentially Walmart would hold at least a 60% stake in TikTok's U.S. operations.
TikTok Global will reportedly have a majority of American directors, a U.S. chief executive and a security expert on the board.
Trump said that his administration talked with Walmart and Oracle on Thursday (Sep 17), but "nothing much has changed" regarding a deal.
He added, "I guess Microsoft is still involved."
But Microsoft said on Sunday (September 13) its offer for TikTok was rejected.
A poll found last month that as many as 40% of Americans back Trump's threat to ban TikTok if it is not sold to a U.S. buyer.