The social media platform TikTok will soon be U.S.-based in a reported preliminary deal to keep the popular app operating for American users.

A joint venture with software giant Oracle will aim to keep base video app TikTok's operations in the United States with a majority American-control of it board of directors, a senior Trump administration official said Monday. File Photo by John Angelillo/UPI UPI

Sept. 22 (UPI) -- The social media platform TikTok soon will be U.S.-based, according to a purported preliminary deal to keep the popular app operating for American users.

A joint venture with software giant Oracle will keep the video app's operations in the United States, with a majority control of it board of directors being Americans, a senior administration official confirmed to CNBC, CNN and USA Today.

According to the White House, no board member will be selected by the federal government and U.S. President Donald Trump is expected to ink an executive order this week that backs the proposal in yet another extension.

On Saturday, the White House initially revealed that TikTok's U.S. operations will be controlled by a U.S. entity in a planned deal to spin off the wildly popular social media platform from its Chinese owners.

The unnamed administration official added that the U.S. government will not take an equity stake in TikTok.

AI conglomerate Oracle will manage TikTok's algorithm and security operations, the official added.

Meanwhile, the president repeatedly has extended the deadline ban for TikTok to be divested of China-base ByteDance.

The news about TikTok came the same day Texas-based Oracle announced a leadership shakeup as its co-founder Larry Ellison leverages his close relationship with Trump to build out Oracle's growing AI infrastructure.