Sources told ABC News that Romney is under consideration for secretary of state.
One senior level source directly involved in the transition efforts told ABC News the meeting is also about "mending fences."
Romney did not immediately respond to ABC News' request for comment.
The two have had a remarkably contentious relationship. During the campaign, the 2012 Republican presidential candidate not only withheld an endorsement but delivered an impassioned and personal argument against Trump as the party's nominee. Romney slammed Trump as a "phony, a fraud" and accused him of "playing the American public for suckers."
"Think of Donald Trump's personal qualities, the bullying, the greed, the showing off, the misogyny, the absurd third grade theatrics," Romney said of Trump at the University of Utah in March.
Romney also criticized Trump's business record and economic policies during his address.
Trump's assessment of Romney was no kinder.
"Mitt Romney was a failed candidate -- should have beaten Barack Obama easily," Trump told ABC News’ George Stephanopoulos on “Good Morning America" on the same day Romney delivered his speech.
"He was a terrible candidate. He choked," Trump said during a news conference at West Palm Beach, Florida, on March 5.
"If he would have devoted the same energy and time to winning the presidency four years ago, as he is now on trying to destroy our party and the unity of our party, he would have won that election and we wouldn't have had the problems that we have right now," Trump argued.
Once Trump was named the president-elect, however, Trump tweeted that Romney had called to congratulate him.
Romney also tweeted "Best wishes for our duly elected president."