But there are fears they will discuss a deal robbing Ukraine of the land currently occupied by Russia – something Volodymyr Zelenskyy has said he won’t accept.
Here’s what three of our correspondents think ahead of the much-anticipated face-to-face.
Putin’s legacy is at stake – he’ll want territory and more By Ivor Bennett, Moscow correspondent
Putin doesn’t just want victory. He needs it.
Three and a half years after he ordered the invasion of Ukraine, this war has to end in a visible win for the Russian president. It can’t have been for nothing. His legacy is at stake.
So the only deal I think he’ll be willing to accept at Friday’s summit is one that secures Moscow’s goals.
These include territory (full control of the four Ukrainian regions which Russia has already claimed), permanent neutrality for Kyiv and limits on its armed forces.
I expect he’ll be trying to convince Trump that such a deal is the quickest path to peace. The only alternative, in Russia’s eyes, is an outright triumph on the battlefield.
Image: Vladimir Putin and Donald Trump meeting in Osaka in 2019
I think Putin‘s hope is that the American president agrees with this view and then gives Ukraine a choice: accept our terms or go it alone without US support.
A deal like that might not be possible this week, but it may be in the future if Putin can give Trump something in return.
That’s why there’s been lots of talk from Moscow this week about all the lucrative business deals that can come from better US-Russia relations.
The Kremlin will want to use this opportunity to remind the White House of what else it can offer, apart from an end to the fighting.
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4:25
What will Kyiv be asked to give up?
Ukraine would rather this summit not be happening By Dominic Waghorn, international affairs editor
Ukraine would far rather this meeting wasn’t happening.
Trump seemed to have lost patience with Putin and was about to hit Russia with more severe sanctions until he was distracted by the Russian leader’s suggestion that they meet.
Ukrainians say the Alaska summit rewards Putin by putting him back on the world stage.
But the meeting is happening, and they have to be realistic.
Most of all, they want a ceasefire before any negotiations can happen. Then they want the promise of security guarantees.
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2:35
Does Europe have any power over Ukraine’s future?
That is because they know that Putin may well come back for more even if peace does break out. They need to be able to defend themselves should that happen.
And they want the promise of reparations to rebuild their country, devastated by Putin’s wanton, unprovoked act of aggression.
There are billions of Russian roubles and assets frozen across the West. They want them released and sent their way.
What they fear is Trump being hoodwinked by Putin with the lure of profit from US-Russian relations being restored, regardless of Ukraine’s fate.
Image: US Army paratroopers train at the military base where discussions will take place. File pic: Reuters
That would allow Russia to regain its strength, rearm and prepare for another round of fighting in a few years’ time.
Trump and his golf buddy-turned-negotiator Steve Witkoff appear to believe Putin might be satisfied with keeping some of the land he has taken by force.
Putin says he wants much more than that. He wants Ukraine to cease to exist as a country separate from Russia.
Any agreement short of that is only likely to be temporary.
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1:41
Zelenskyy: I told Trump ‘Putin is bluffing’
Trump’s pride on the line – he has a reputation to restore By Martha Kelner, US correspondent
As with anything Donald Trump does, he already has a picture in his mind.
The image of Trump shaking hands with the ultimate strongman leader, Vladimir Putin, on US soil calls to his vanity and love of an attention-grabbing moment.
There is also pride at stake.
Image: Joint Base Elmendorf-Richardson in Alaska, where Trump will meet his Russian counterpart. File pic: Reuters
Trump campaigned saying he would end the Russia-Ukraine war on his first day in office, so there is an element of him wanting to follow through on that promise to voters, even though it’s taken him 200-plus days in office and all he’s got so far is this meeting, without apparently any concessions on Putin’s end.
In Trump’s mind – and in the minds of many of his supporters – he is the master negotiator, the chief dealmaker, and he wants to bolster that reputation.
He is keen to further the notion that he negotiates in a different, more straightforward way than his predecessors and that it is paying dividends.
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Donald Trump has claimed Russia is “making concessions” in talks to end the Ukraine war – and that Kyiv is “happy” with how talks are progressing.
Speaking to reporters on Air Force One as he flew out to his Florida estate for Thanksgiving, Mr Trump said “we’re making progress” on a deal and said he would be willing to meet with both Vladimir Putin and Volodymyr Zelenskyy once they are close to an agreement.
He also said his previously announced deadline of Thursday, which is Thanksgiving, was no longer in place – and that the White House’s initial 28-point peace plan, which sparked such concern in Kyiv, “was just a map”.
Image: U.S. President Donald Trump looks on aboard Air Force One during travel to Palm Beach, Florida, from Joint Base Andrews, Maryland, U.S., Nov
Asked if Ukraine had been asked to hand over too much territory, Mr Trump suggested that “over the next couple of months [that] might be gotten by Russia anyway”.
Moscow’s concessions are a promise to stop fighting, “and they don’t take any more land”, he said.
“The deadline for me is when it’s over,” he added. “And I think everybody’s tired of fighting at this moment.”
Before boarding the plane, Mr Trump claimed only a few “points of disagreement” remain between the two sides.
Mr Trump’s negotiator Steve Witkoff will be meeting with Mr Putin in Moscow next week, the president said, while American army secretary Daniel Driscoll is due to travel to Kyiv for talks this week.
The chief of Ukraine’s presidential staff, Andriy Yermak, wrote: “Ukraine has never been and will never be an obstacle to peace. We are grateful to the US for all its support.
“The meeting between the presidents will be thoroughly and promptly prepared on our part.”
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3:29
‘Ukraine still needs defence support,’ says Zelenskyy
Zelenskyy warns against ‘behind our back’ deal
Yesterday, a virtual “coalition of the willing” meeting that featured Ukraine’s allies took place, which was attended by US secretary of state Marco Rubio.
In a speech, Mr Zelenskyy told attendees: “We firmly believe security decisions about Ukraine must include Ukraine, security decisions about Europe must include Europe.
“Because when something is decided behind the back of a country or its people, there is always a high risk it simply won’t work.”
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2:36
What is Russia saying about the latest peace talks?
A joint statement from coalition leaders Sir Keir Starmer, Emmanuel Macron, and Friedrich Merz said they had agreed with Mr Rubio “to accelerate joint work” with the US on the planning of security guarantees for Ukraine.
But a Ukrainian diplomat has warned major sticking points remain in the peace deal being thrashed out – primarily the prospect of territorial concessions.
A warning from the Kremlin
Meanwhile, Moscow has stressed that it will not allow any agreement to stray too far from its own objectives.
Russia’s foreign minister Sergei Lavrov warned any amended peace plan must reflect the understanding reached between Mr Trump and Mr Putin over the summer.
“If the spirit and letter of Anchorage is erased in terms of the key understandings we have established then, of course, it will be a fundamentally different situation,” he said, referring to the two leaders’ meeting in Alaska.
Seven people were killed with power and heating systems disrupted, as residents sheltered underground.
Meanwhile, three people died and homes were damaged after Ukraine launched an attack on southern Russia.
‘A critical juncture’
French President Emmanuel Macron has said peace efforts are gathering momentum, but “are clearly at a critical juncture”.
And during the annual White House turkey pardon ahead of Thanksgiving, Mr Trump told reporters: “I think we’re getting close to a deal. We’ll find out.
“I thought that would have been an easier one, but I think we’re making progress.”
In this story, there’s no substitute for hard news.
To learn of US envoy Steve Witkoff and his Russian interactions is to understand the handbrake turn towards Moscow.
If there was much surprise and confusion about the origins of a peace proposal that had Russian fingerprints all over it, there is less now.
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2:36
What is Russia saying about the latest peace talks?
A good impression of a useful idiot
Subsequently, Witkoff drafted the controversial peace proposal with his Russian counterparts, and the US pressured Ukraine to accept it.
The report paints an unflattering picture of Trump’s envoy doing a good impression of a useful idiot.
There must be serious questions surrounding his engagement with the Russians and serious concerns around consequences that are potentially catastrophic.
Moscow’s threat to Ukraine and to the security infrastructure of Western Europe is strengthened on his handshake.
Venezuelan President Nicolas Maduro has vowed to defy any US attempt to overthrow his government – telling crowds that “failure is not an option”.
The 63-year-old brandished a sword as he addressed supporters during a march in Caracas, against a backdrop of growing tensions with Donald Trump’s administration.
Dressed in camouflage fatigues, Mr Maduro said: “We must be ready to defend every inch of this blessed land from imperialist threat or aggression, no matter where it comes from.”
Image: Maduro was swamped by supporters. Pic: Reuters
Washington has claimed that several of these boats had departed from Venezuela, with Mr Maduro describing the deployment as an assault on the nation’s sovereignty.
‘Stop this madness’
Yesterday, Cuba also accused the US of seeking a violent overthrow of Mr Maduro’s government – and called its military presence in the region “exaggerated and aggressive”.
The country’s foreign minister, Bruno Rodriguez, said ousting Venezuela’s leader would be extremely dangerous and irresponsible, not to mention a violation of international law.
He added: “We appeal to the people of the United States to stop this madness. The US government could cause an incalculable number of deaths and create a scenario of violence and instability in the hemisphere that would be unimaginable.”
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Critics have questioned the legality of America’s campaign and argue it amounts to extrajudicial killings, with a recent poll suggesting just 29% of voters support this policy.
Officials within Maduro’s government have claimed that Washington’s actions are being driven by economic motives.
Venezuelan minister Delcy Rodriguez said: “They want Venezuela’s oil and gas reserves. For nothing, without paying. They want Venezuela’s gold.
Image: Venezuela’s president has remained defiant. Pic: AP
Donald Trump, like his predecessor Joe Biden, does not recognise Mr Maduro as the country’s leader.
He is currently on his third term after being declared the winner of last year’s presidential election, despite evidence that the opposition defeated him by a two-to-one margin.
Mr Maduro and senior officials have been repeatedly accused of human rights violations against real and perceived government opponents.
Earlier this week, the US designated Venezuela’s Cartel de los Soles – Cartel of the Suns in English – as a foreign terrorist organisation for importing illegal drugs to the States.
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1:01
Venezuelan president dances to speech remix
The Trump administration has claimed that Maduro is part of this group, but Venezuelan officials have described its mere existence as a “ridiculous fabrication”.
Speaking to reporters on Air Force One as he travelled to Florida for Thanksgiving, the president suggested he might be planning to talk to Mr Maduro.
“If we can save lives, if we can do things the easy way, that’s fine,” the US president said. “And if we have to do it the hard way, then that’s fine too.”
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0:59
US strikes alleged drug boat
Carlos Diaz Rosillo, a former US deputy assistant secretary of defence during the first Trump administration, does not believe America will go to war with Venezuela.
He told The World With Dominic Waghorn:“What I do see is a strategy of maximum pressure on the regime. I do think if there’s any change, that change has to come from within the military.”
Dr Rosillo said the official position of the US government is not regime change, but Mr Trump would like to see that happen in Venezuela.