It could be diplomatic dynamite.
The first meeting between a sitting US and Russian president in more than four years, following one of the bleakest periods in the history of their countries' bilateral relations.
But a Putin - Trump summit does not necessarily mean there will be a ceasefire.
On the one hand, it could signal that a point of agreement has been reached and a face-to-face meeting is needed to seal the deal.
That has always been Russia's stance. It's consistently said it would only meet at a presidential level if there's something to agree on.
On the other hand, there might not be anything substantive. It might just be for show.
It might just be the latest attempt by the Kremlin to diffuse Donald Trump's anger and dodge his deadline to end the war by Friday or face sanctions.
It would give Trump something that can be presented as progress, but in reality, it delivers anything but.
After all, there has certainly not been any sign that Moscow is willing to soften its negotiating position or step back from its goals on the battlefield.
Tellingly, perhaps, it's this latter view which has been taken by some of the Russian press on Thursday.
"Putin won" is the headline in Moskovsky Komsomolets regarding the Kremlin leader's meeting with Witkoff.
The state-run tabloid quotes a political scientist, Marat Bashirov, who claims Putin"bought time" ahead of Friday's deadline.
"It is noteworthy that in his rhetoric [on sanctions] Trump did not mention Russia at all," the paper notes.
Komsomolskaya Pravda is similarly dismissive.
"Donald Trump has two simple interests in connection with Ukraine : to earn money for America, and political whistles and the Nobel Peace Prize for himself," it says.
"Russia has its own interests," it adds,"securing them is what Vladimir Putin will seek at a meeting with Trump."
At this stage, the most likely location is the United Arab Emirates. Putin met the country's president in the Kremlin today, and afterwards said it would be a"suitable location". It felt like a strong hint.
And the UAE certainly makes sense.
It's played mediator for a number of the prisoner swaps between Russia and Ukraine; it has good relations with the US (and was one of Trump's stops on his recent Middle East tour); and most importantly for Moscow, it's not a member of the International Criminal Court. So Putin doesn't have to worry about being arrested.
But if NBC's reports are correct, that a Putin-Trump summit is conditional on the Russian president meeting with Ukrainian leader Volodymyr Zelenskyy , then the summit may not happen at all.
Until now, Putin has refused to meet Zelenskyy, despite numerous demands from Kyiv, because he views him as illegitimate.
The Kremlin said the prospect of a trilateral meeting between the leaders was mentioned by Witkoff on Wednesday, but the proposal was left"completely without comment" by Russia.
