"I will be signing something probably this week which is going to go a long way to take care of people that have been so badly hurt on health care", Trump said ahead of a meeting with Henry Kissinger, the former secretary of state.
Mr Trump had hinted earlier on Tuesday that he would sign an executive order on the issue, tweeting: "Since Congress can't get its act together on HealthCare, I will be using the power of the pen to give great HealthCare to many people - FAST".
The order is being drafted, as President Trump expressed his willingness to work with Democrats on health care after Republicans were unable to approve legislation that would have repealed and replaced "Barack Obamacare".
"It will be great, great health care for many, many people - a big percentage of the number of people that we were talking about for failed Obamacare", Trump continued.
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His expected order this week is viewed by many to be his next action against the ACA.
"Now, we're going to have to do something with Obamacare because it's failing".
White House spokeswoman Sarah Huckabee Sanders said Mr Trump will make his announcement "by the end of Friday".
The directive will call on federal agencies to amend the rules governing these plans to free them from state regulation, according to a Wall Street Journal report on Saturday.
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Moreover, as The Hill reported, if Trump does sign an Executive Order similar to the one described above, it could face legal challenges, particularly if, in addition to groups of people and small businesses, it also allows individuals to buy association plans and thwart the Obamacare marketplace and Obamacare plan requirements.
The premise behind association plans is to allow people to band together so they can purchase health insurance more cheaply. Trump did, too, during his presidential campaign.
The association health plans could be sold in a state that doesn't require policies to provide as many benefits as other states.
Plus, the planned changes would likely further destabilize the Affordable Care Act by siphoning younger and healthier consumers into less-expensive options, leaving sicker and older Americans in the exchanges and driving up their rates.
Guest MINDSETTER™ DeBare: Break the Silence on Domestic Violence
We encourage those in our community to educate themselves about domestic violence, the statistics and the warning signs. The DVCC is committed to promoting the fundamental right of all individuals to be safe in their personal relationships.