By Kate Davidson

WASHINGTON -- A panel of national security regulators is set to review on TuesdayY Oracle Corp.'s bid to become the U.S. technology partner for the Chinese-owned TikTok video-sharing app, with an eye toward settling the high-profile deal by a Sept. 20 deadline.

A senior administration official said the Committee on Foreign Investment in the U.S., which includes officials from the Treasury, Commerce and Homeland Security departments, will review the deal at its regular meeting Tuesday afternoon.

The review is one of the final steps before officials present the proposed transaction to President Trump, whom officials have said will review the agreement.

In an Aug. 6 executive order, the White House effectively gave TikTok's owner, Beijing-based ByteDance Ltd., a 45-day deadline to divest its U.S. operations or face a ban. The administration contends that the app poses a security threat because data on U.S. consumers could be shared with the Chinese government, which TikTok has disputed.

Neither TikTok nor Oracle has disclosed details of their deal reached this weekend, but TikTok said Monday it believes its proposal submitted to the Treasury Department "would resolve the Administration's security concerns."

On Monday, Treasury Secretary Steven Mnuchin confirmed that his office received a bid proposal from Oracle for TikTok's operations over the weekend and said that the Treasury-led Cfius panel would review it and make a recommendation to Mr. Trump.

"We will be reviewing that at the Cfius committee this week and then will be making a recommendation to the president and reviewing it with him," Mr. Mnuchin said on CNBC. "From our standpoint, we'll need to make sure that the code is, one, secure; Americans' data is secure; that the phones are secure; and we'll be looking to have discussions with Oracle over the next few days with our technical teams."

Mr. Mnuchin also said the Oracle deal includes a commitment to establish TikTok as a global company with headquarters in the U.S., which he said would mean 20,000 new jobs.

The Treasury secretary said he wouldn't go into all the details of the plan, but clarified that the deadline for the sale of TikTok's U.S. operations is Sept. 20.

Write to Kate Davidson at kate.davidson@wsj.com