The announcement could come as soon as Monday, the report said.
Under the agreement, people will be allowed to travel quarantine-free between the financial hubs.
The report did not specify how many flights would take place under the agreement, but cited one person as saying the number will be increased by June 26 if there are no further outbreaks in either city.
Singapore’s transport ministry did not immediately respond to a Reuters request for comment.
The travel bubble was delayed after a spike in coronavirus cases in Hong Kong late last year.
(Reporting by Nandakumar D in Bengaluru; Editing by Edwina Gibbs)