The Times said the initial agreement, however, was likely to fall short of offering any protection against most of the attacks - including espionage and the widespread poaching of intellectual property - that China has been accused of conducting in the United States.
The White House declined to comment.
President Barack Obama called last Wednesday for an international framework to prevent the Internet from being "weaponized" as a tool of national aggression, while holding out the prospect of a forceful U.S. response to China over hacking attacks.