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In a move that has left many observers flummoxed, US President Donald Trump has been nominated by a group of conservative US lawmakers for this year's Nobel Peace Prize.

The 18-strong committee signed a letter on Wednesday sent to members of the Norwegian Nobel Committee, nominating Trump for his efforts to ease tensions with North Korea.

The letter said that North Korea has long ignored international demands to cease its aggressions but that Trump's "peace through strength policies are working" and bringing North Korea to the negotiating table, adding that the Trump administration united China and others in imposing strict sanctions.

"The sanctions have decimated the North Korean economy and have been largely credited for bringing North Korea to the negotiating table," the nomination letter stated.

President Trump and North Korean leader Kim Jong Un are reportedly working to roll out a historic summit that could take place by the end of May or early June, according to AP.

However, many have cast doubt on the possibility that any agreement would lead to North Korea giving up its nuclear weapons entirely and allowing for the world to confirm it.

The United States has reached aid-for-disarmament deals with North Korea before, but they've ultimately failed.

Trump's supporters, along with fellow politicians, have been quick to suggest the top accolade is in the offing.

"That's very nice, thank you. That's very nice," a smiling Trump said Saturday as supporters at a campaign-style rally in Michigan chanted "No-bel! No-bel!"

"I just want to get the job done," he proclaimed, after fondly pronouncing the word "Nobel."

Three days later in the Oval Office Trump returned to the topic, saying it was "very generous" of South Korea's President Moon Jae-in to suggest the US leader - rather than himself - was deserving of the prestigious prize. 

"I appreciate it but the main thing is to get it done," Trump said. "I want to get peace."

The spectacular Korean detente of recent months, with a summit approaching between Trump and North Korean leader Kim Jong Un, and the - still theoretical - prospect of denuclearisation, have fed hopes of a historic turning point in the region.

But as remarkable as the imagery and symbolism have been recently, many analysts point out that it is early - very early indeed - to speculate on the outcome of ongoing negotiations with a regime that has been led with an iron fist by the Kim dynasty for nearly 70 years.

Just last year, Trump was seen to deliberately escalate  tensions with North Korea after calling Kim Jong Un "little rocket man" and threatening to "utterly destroy" the regime in the event of an attack.

The announcement of Trump's nomination also comes the day after it was reported that he had "all but decided" to withdraw from the landmark Iran nuclear deal, a move that threatens to torpedo years of painstaking diplomatic efforts between Iran and the West.

Opponents to the nomination have been decrying a long list of Trump's ruinous foreign policy moves that have seemingly done the opposite of promoting peace, such as his decision to recognise Jerusalem as the capital of Israel which precipitated a wave of deadly violence across the region, as well as his blunt refusal to stop selling billions of dollars of weaponry to Saudi Arabia to fight its devastating war in Yemen.

Agencies contributed to this report.