The FDA gave emergency use authorization to the Pfizer vaccine late last year. Full approval by the FDA could push more Americans to get the COVID-19 vaccine as it might reduce their fears about the safety of the shot.
The agency's unofficial deadline for the approval is the Sept. 6 Labor Day holiday, the Times said.
President Joe Biden said last week he expected the FDA to make the decision by early fall.
The FDA said in a statement on Friday that the agency is moving as rapidly as possible on the Pfizer application.
The spread of the highly contagious coronavirus Delta variant has fueled a new surge in infections, with the CDC reporting rising numbers of cases in nearly 90% of US jurisdictions.