Trump will take office on Jan. 20 after defeating current Vice President Kamala Harris in the Nov. 5 presidential election.
"At President Biden’s invitation, President Biden and President-elect Trump will meet in the Oval Office on Wednesday," Press Secretary Karine Jean-Pierre said in a statement.
Biden, a Democrat, had initially sought reelection but dropped out of the race in July after a disastrous debate against the Republican Trump.
"I'm going to see him on Wednesday," Biden told reporters on Saturday, when asked whether Trump was a threat to democracy.
Biden spoke after leaving a church service in Rehoboth Beach, Delaware, where he traveled for the weekend. The president did not respond to questions about what he would say to Trump.
