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With Microsoft as a leading contender to acquire the app, The Financial Times reported Tuesday that Oracle is "seriously considering" purchasing the app's operations in the U.S., Canada, Australia and New Zealand.
"Oracle is a great company," the president said while answering questions during a White House event, adding that the owner, billionaire Larry Ellison, is a "tremendous person" and the software company "could handle it."
He added that his Aug. 6 executive order to ban TikTok in the U.S. if it is not acquired by an American company will be effective on Sept. 15. The administration gave the social media company 45 days to shift its operations.
TikTok is suing the Trump administration over the executive order.
The president and other U.S. officials have argued that the app poses a threat to national security and the personal data of its users because it is owned by Chinese tech giant ByteDance and all Chinese companies must comply with government requests for information under a 2017 national intelligence law.
India banned the app and dozens of others amid tensions with China. Members of the U.S. Military, Wells Fargo employees and TSA employees have been barred from downloading the app, citing security reasons, and the Senate passed a bill on Aug. 6 that would ban the app on government devices.
TikTok has been downloaded more than 2 million times, according to app data and analytics company Sensor Tower, and it is estimated that nearly a third of its user base is under the age of 13, The New York Times reported on Aug. 14.