President Donald Trump and Mohammed bin Salman meet at the White House in Washington, March 14, 2017.

Saudi Arabia plans to make a $40 billion investment in one of President Donald Trump's pet projects, U.S. infrastructure development, according a media report.

The announcement may coincide with Trump's visit to the kingdom next week, sources familiar with the matter told Bloomberg News. However, they cautioned that no final decision had been made and the announcement could be delayed.

Saudi Arabia has been telegraphing its eagerness to invest in the United States for months.

Saudi Energy Minister Khalid Al-Falih told CNBC in March the kingdom believes U.S. infrastructure in particular is an attractive investment.

"The infrastructure program of President Trump and his administration is something that we're interested in because it broadens our portfolio and it opens a new channel for secure, low-risk yet healthy return investments that we seek," he said.