U.S. President Barack Obama may submit three pending free trade agreements including one with South Korea to Congress for ratification as early as next week.

Inside U.S. Trade magazine also said that according to congressional procedures, the Korea FTA bill is not likely to be ratified before President Lee Myung-bak's scheduled visit to Washington in mid-October.

However, the report says the White House plans to send the bill to Congress at the earliest possible date so the FTAs could be ratified before Lee begins his official schedule in the U.S. on October 13th.

The report forecasts the bill will be passed after Lee's visit according to the Senate schedule and also as the House of Representatives seeks to pass bills on the extension of the Trade Adjustment Assistance and Generalized System of Preferences programs together with the free trade bills.