US President Joe Biden will make an address to the nation on Thursday, vowing a peaceful transfer of power to Donald Trump.

Biden will speak in the Rose Garden of the White House at midnight Hong Kong time to "discuss the election results and the transition" to Trump's second term.

The 81-year-old dropped out of the race against Trump in July and handed the Democratic nomination to Vice President Kamala Harris – but is now likely to see his legacy dismantled by the Republican's comeback.

The White House said Biden spoke with Trump on Wednesday and "expressed his commitment to ensuring a smooth transition and emphasised the importance of working to bring the country together."

Biden also invited Trump to meet at the White House.

Trump campaign spokesman Steven Cheung said Trump "looks forward to the meeting, which will take place shortly, and very much appreciated the call."

It would be the first time they had met since Biden's poor debate performance against Trump in June that forced him out of the race. (AFP)