The two global religious leaders will meet in Rome, according to a high ranking member of the Anglican Communion in Rome.
Catholic News Agency has said that Pope Francis and Justin Welby will meet in early October for two days.
They are expected to have a private meeting, which could indicate a new chapter in ecumenical relations.
The archbishop has met with Pope Francis before in the Vatican and if the meeting does go ahead it will be the fourth between a pope and an Archbishop of Canterbury to take place in the famous Basilica San Gregorio al Celio.
Rumour also suggests that Justin Welby could be a special guest of honour in September at the World Day of Prayer for Peace in Assisi, Italy.
