The AP news agency cited US Congressional aides it did not name as saying that the deal would allow the completion of the disputed pipeline without either Germany or Russia facing new US sanctions.
In return, the United States and Germany will make certain concessions to Ukraine and Poland, the Associated Press reported.
US administration officials have declined to comment on details pending an official announcement later this week, the AP also said.
According to the Bloomberg news agency, the US-German deal on the Nord Stream 2 pipeline could threaten sanctions and other retaliation if Russia tried to use energy as a weapon against Ukraine.
A senior US diplomat is visiting Poland and Ukraine this week in part to discuss Nord Stream 2.
Source: energetyka24.com, AP, bloomberg.com