His death sparked months of nationwide protests focused on systemic racism and a renewed debate over police reform in the US.
Chauvin was convicted last month on multiple charges stemming from Mr Floyd’s death.
Mr Biden’s plans to host Mr Floyd’s family come as talks focused on the police reform bill named after Mr Floyd – the George Floyd Justice in Policing Act – have stalled on Capitol Hill.
The president had previously set the anniversary of Mr Floyd’s death as the deadline for the bill’s passage, and left much of the negotiations up to politicians on Capitol Hill, but there has been little movement on the legislation in recent weeks.
Ms Psaki said the White House is “in close touch” with the negotiators and “they still feel there’s progress being made”, but they have acknowledged it is “unlikely” they will pass a bill by Mr Biden’s deadline.
The George Floyd Justice in Policing Act would ban chokeholds by federal officers and end qualified immunity for law enforcement against civil lawsuits, as well as create national standards for policing in a bid to bolster accountability.
It passed the House in March, but faces a much tougher road in the evenly-divided Senate, where Republicans have expressed opposition to efforts to repeal qualified immunity.