“We will make a decision soon and announce it to the public,” chief executive John Lee told reporters.
“We want to be connected with the different places in the world. We would like to have an orderly opening up,” he added.
Lee’s comments came as a senior Chinese official also signalled support for an easing of the curbs during a rare briefing.
“It’s normal for the Hong Kong government to adjust and improve Hong Kong’s anti-epidemic measures accordingly,” Huang Liuquan, deputy director of China’s Hong Kong and Macau Affairs Office, told reporters in Beijing.
Hong Kong has adhered to a version of China’s strict zero-Covid rules throughout the pandemic, battering the economy and deepening the city’s brain drain as rival business hubs reopen.
It maintains mandatory hotel quarantine for international arrivals — currently at three days — widespread masking, business operating limits and bans on more than four people gathering in public.
Lee, a Beijing-anointed former security chief, took office in July and vowed to reopen the city while keeping cases low.
He reduced hotel quarantine from seven to three days but has faced a growing chorus of criticism from residents, business organisations and health experts saying he should go further.
Over the past week multiple Hong Kong media outlets have reported, citing sources, that the government has already agreed to lift quarantine.
Lee did not confirm that decision or commit to a firm timeline on Tuesday.
But his comments were the strongest indication yet that Hong Kong is planning to join much of the rest of the world in accepting endemicity.
That would leave just China and Taiwan still maintaining mandatory quarantine for arrivals.
Under President Xi Jinping, mainland China has stuck to a rigid zero-Covid strategy with snap lockdowns of huge cities for even a handful of cases.
Unlike on the mainland, most of Hong Kong’s residents have already had the coronavirus when it tore through earlier this year, leaving the city with one of the highest death rates per capita in the world.
Hong Kong is in the midst of a technical recession while its financial chief recently warned its fiscal deficit is expected to balloon to HK$100 billion ($12.7 billion) this year, twice initial estimates.
Arrivals at the airport, once one of the world’s busiest, are at a fraction of pre-pandemic levels with many airlines skipping the city altogether.
Regional rival Singapore has long dispensed with coronavirus controls and is hosting a slew of conferences, entertainment and sporting events over the coming months.
Meanwhile, Hong Kong has seen multiple events cancelled by organisers citing the uncertain pandemic controls — including most recently next year’s World Dragon Boat Championships which will be held in Thailand instead.
Hong Kong is planning to host a banking summit and the Rugby Sevens in November, although under current rules players in the latter will have to stay in a “closed loop” bubble.