Kremlin spokesman Dmitry Peskov told reporters he could not rule out such a meeting, which would take place when President Trump is on his five-nation Asia tour.
President Donald Trump is due to visit Vietnam on November 9 and 10 during his ten-day trip, where he will also meet China's President Xi Jinping.
The US leader has previously said dialogue with President Vladimir Putin is vital to solving global issues, such as the Syrian War and threats by North Korea.
EXPRESS
During an explosive interview with Fox News before he embarked on his Asia tour, President Trump issued various threats to Kim.
He told Laura Ingraham: “We have one problem. That's called North Korea.
REUTERS
"I must tell you North Korea’s a thing that I think we will solve and if we don’t solve it, it’s not going to be very pleasant for them.
"It's not going to be very pleasant for anybody."
The two superpowers met for the first time during the G20 Summit earlier this year, where the pair are said to have shared "positive chemistry".
The meeting, scheduled for 35 minutes, took more than 2 hours and focused heavily on a just-announced cease fire deal for south west Syria and the growing threat from the North.
GETTY
US Secretary of State, Rex Tillerson, said: "The two leaders connected very quickly. There was a very clear positive chemistry."
Relations between Moscow and Washington have soured further since, however.
President Trump in August grudgingly signed off on new sanctions against Russia, a move Moscow said ended hopes for better ties.
Mr Putin, dismayed by the sanctions, ordered Washington to more than halve its embassy and consular staff in Russia.
But when asked if Putin and Trump might meet at the APEC summit taking place next week in Vietnam, Mr Peskov said Moscow did not rule out such a meeting.
He told reporters: "It the meeting is indeed being discussed.
"It's hard to overestimate the importance and significance for all international matters of any contact between the presidents of Russia and the United States.
North Korea have continued to test nuclear weapons over the past few months, with its most recent test being its most powerful.
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The test took place on September 3 at the Punggye-ri Test Site which registered as a 5.7 magnitude earthquake by the South Korean government.
Threats between the rogue state and the US have continued after a senior diplomat from Pyongyang warned the United States to take the threat of a possible atmospheric nuclear test over the Pacific Ocean should be taken “literally”.
President Trump is set to travel to Asia in his bid to urge countries to continue applying pressure on the rogue state and its nuclear programmes.
The US has deployed nuclear bombers to the Pacific ahead of the Asia tour.
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