Xi is expected to make the invitation at a virtual summit between China and the US next week, according to CNBC, citing two sources familiar with the matter.

The White House and National Security Council has reportedly declined to comment on how Biden would respond to the invitation.

The White House has claimed details of the summit are still being defined, with the meeting expected to centre on managing competition between the two nations.

Prior to the proposed summit, Chinese Ambassador Qin Gang read out a letter from President Xi at the National Committee on US-China Relations Gala Dinner, which called for cooperation.

Xi claimed he wants to being relations between the two countries back on the right track.

"The China-US relationship is among the most important bilateral relationships in the world today," the letter read.

"Whether our two countries, the world’s biggest developing country and the biggest developed country and two permanent members of the United Nations Security Council, can handle our relations well bears on the fundamental interests of the two countries and peoples, and matters to the future of the world.

"Right now, China-US relations are at a critical historical juncture.

"Both countries will gain from cooperation and lose from confrontation.

"Cooperation is the only right choice."

Relations between the US and China have been strained in recent years, with high tariffs on imports from China introduced by then US President Donald Trump contributing to the start of a trade war.

Should Biden receive an invitation, the US President would likely face pressure to reject an offer domestically.

A group of US Senators have proposed a diplomatic boycott of the Beijing 2022 Winter Olympics and Paralympic Games.

In June, the US Senate passed a Bill calling for a diplomatic boycott of the Games.

The Bill included a range of measures aimed at tackling Chinese relations, economic influence and foreign policy and confirmed: "The policy of the US to implement a diplomatic boycott of the Olympic Winter Games and Paralympic Winter Games in the People’s Republic of China".

Democratic House Speaker Nancy Pelosi has also supported a diplomatic boycott, as have several countries throughout the West due to China's human rights record, including the alleged genocide of Uighur Muslims in Xinjiang.

China has been accused of crimes including using forced Uighur labour, operating a mass surveillance programme, detaining thousands in internment camps, carrying out forced sterilisations and intentionally destroying Uighur heritage.

China has vehemently denied the allegations.

The US, the European Union, Canada and United Kingdom have each sanctioned China this year regarding alleged abuses of human rights in Xinjiang, leading to China issuing similar sanctions in response.