German Chancellor Angela Merkel and French President Francois Hollande will meet with Greek Prime Minister Alexis Tsipras on the sidelines of a European Union summit, an official German spokesperson has said.
"I confirm that Prime Minister Tsipras will meet with the chancellor and President Hollande. It will take place after the dinner (later Wednesday)," the spokesperson said, with a French source also confirming the talks.
Meanwhile, a Greek government source said the country is prepared to discuss possible concessions on budgetary targets, a key red line in its bailout talks with its creditors.
"It is very difficult for the Greek side to make more concessions, but we are prepared to discuss a solution," the source told AFP news agency.
"There is no deal for a one percent surplus, but the question is on the table," the source said, referring to a budget target for 2015 that Athens has so far dismissed on the basis that it would require more austerity to achieve.
Earlier, Taoiseach Enda Kenny has warned Greece that time was running out for the country to avoid defaulting on its debts and potentially exiting from the euro.
At a summit of EU and Latin American leaders in Brussels Mr Kenny said: "At every European Council meeting there have been offers of support and encouragement and assistance from leaders around the table.
"But time is running out here, and that support and encouragement still remains, but it's a case of the politicians in Greece being able to be creative in the way they deal with this situation.
"This can't continue indefinitely, so it's always in a state of pretty serious flux."
Although the official agenda deals with bilateral trade and issues such as climate change, the summit will be dominated by the continuing deadlock over how to avoid a Greek debt default and exit from the eurozone.
Greece's current bailout runs out at the end of the month, at the same time as the country will have to repay €1.6bn to the International Monetary Fund.
The Greek, German and French leaders are expected to hold a meeting on the margins of the summit tonight to try to break the impasse.
Last week, the EU and IMF presented Greece with a menu of economic reforms and budget cuts that would unlock over €7bn in desperately needed rescue funds.
However, on Friday Greek Prime Minister Alexis Tsipras angrily rejected the proposal in an uncompromising speech to the Greek parliament.
Since then, the mood in the eurozone has darkened considerably, with several capitals - and the European Commission, which until now has seen itself as taking a more conciliatory approach - reportedly furious at the Greek response.
Greece yesterday submitted fresh proposals which resisted any changes to pension reform, but which included higher budget surplus targets.
However, officials on the creditor side have said the new proposals still don't make the numbers add up.
A Greek official has said they are still awaiting for a response from the EU and IMF on these proposals.
Ultimately, whatever budget cuts or tax increases are applied, the overall budgetary target must be the same.
Some observers believe that Greece is deliberately prolonging a resolution until the very last moment in the hope that its creditors will blink and agree to more relaxed targets.
Greek officials deny this - but there is increasing pessimism surrounding the process, and tonight's meeting between Angela Merkel, the French President Francois Hollande and Mr Tsipras may not even take place.
