They will meet at a security forum in Hawaii in August, China Daily said, quoting unnamed senior Chinese military officials.
It gave no other details on who would meet or what would be discussed.
The expected meeting, on the sidelines of a military exchange forum organized by a think tank under U.S. Pacific Command, would be the first in the 60 years since the sides split at the end of China's civil war.
The report comes amid a dramatic improvement in relations since China-friendly Taiwanese President Ma Ying-jeou took office in May promising to boost the island's trade and tourism links with the mainland.
In December, the sides inaugurated the first daily passenger flights across the Taiwan Strait, along with other transport links.
Earlier this month, Taiwan's defense ministry said it planned to cut the size of its armed forces by more than a fifth by 2014 amid the friendlier relations with China.
China views Taiwan as a part of its territory awaiting reunification, by force if necessary.
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