The US has been pressing Israel to agree to a settlement freeze, and the Palestinians have said they would not resume peace talks unless Israel suspends construction on lands they want for a future state.
Friday's statement was the first time an aide has said in the name of the Prime Minister's Office that such a move could be imminent.
He spoke on condition of anonymity because he was not authorized to disclose plans Netanyahu has not officially announced.
Officials from the prime minister's bureau said Netanyahu "will agree to consider a temporary freeze on construction in the West Bank for a few months after he approves the additional building permits.
In closed talks, Netanyahu has said that he will be prepared to go ahead with the move to promote Obama's peace plan and jump-start stalled peace talks.
"The Americans do not agree with [the approval of new housing units] and are not happy about it, but we put it on the table a long time ago," the source told Haaretz.