Since his return to the White House last year, Trump has repeatedly said he deserves what may be the world's most prestigious award.
"It is about that time," Trump told reporters in the Oval Office. "But I was very honored to receive it indirectly last time by the recipient, who said nobody in history deserves it more than President Trump."
Venezuelan opposition leader Maria Corina Machado gave her 2025 Nobel Peace Prize medal to Trump in January as she sought US support for her efforts in Venezuela.
Trump said he should get the prize after wading into eight conflicts since taking office last January.
The leaders of Cambodia, Israel and Pakistan have said they nominated Trump, though there is no way of verifying that.
Parties to some conflicts Trump claims to have resolved dispute the US president's diplomatic role, and fighting has flared again in some of those regions, including the Democratic Republic of Congo and along the border between Cambodia and Thailand.
A resolution to Russia's war in Ukraine has eluded Trump, who promised to end it on the first day of his second White House term. US-Israel strikes on Iran have led to a seven-month simmering conflict that has upended global energy supplies and driven gas prices up before November's midterm elections.
Pope Leo, the International Criminal Court, the special rapporteur for the Palestinian Territories, are among the favorites to win this year.