The headset, a first for HTC, is expected to go head-to-head with the Oculus Rift owned by Facebook.
HTC and Valve will make the announcement at Mobile World Congress in Barcelona, according to the publication. There's still no word on pricing for the Vive, which uses wireless VR controllers for a more compelling experience.
The Vive uses the Steam VR system, along with Vive Phone Services from the duo that allow you to receive and respond to both incoming and missed calls, get text messages and send quick replies and check upcoming calendar invites directly through the headset -- essentially so you never take it off.
The best Virtual Reality headsets for an immersive VR and AR experience
The virtual reality space is a new one, but is expected to grow quickly.
Analysis from CCS Insight finds that 2.5 million VR devices are expected to be sold this year, rising to over 24 million device sales in 2018. The analysts estimate more than 12 million VR headsets will be sold in 2017, accounting for $1.2 billion in total sales.
"Most consumers find virtual reality a mind-blowing experience the first time they try it," Ben Wood, CCS Insight's Chief of Research, said. "We believe it has tremendous potential and it's not just about expensive high-end devices such as the Oculus Rift."