A report in Politico cited unnamed sources as saying the aim was to issue the order before the Mobile World Congress which is scheduled to be held in Barcelona from 25 to 28 February.
The order would mean a ban on the use of equipment from Huawei Technologies and ZTE Corporation, the two biggest Chinese manufacturers of telecommunications equipment.
A ban on the use of Huawei and ZTE equipment in government networks is already in force in the US.
Huawei has steadfastly denied the allegations and challenged anyone to show proof of security vulnerabilities in its telecommunications equipment.
But the report said there was no decision yet on how 5G networks would be built in the US without equipment from Huawei.
One industry source said the message going out to countries in Europe — where US Secretary of State Mike Pompeo has been campaigning to try and get countries not to use Huawei gear — was to go slow.
At the moment, however, no plan had been drawn to manage without equipment from Huawei, with the main push coming from smaller rural ISPs who had benefitted from the use of equipment from the Chinese vendor due to the prices and good service.