Romney, the Republican presidential nominee in 2012, will interview Biden, on Friday as part of the three-day summit, the Associated Press reported.
"Biden is attending because he believes in bipartisanship and the importance of keeping good lines of communication open across the aisle," Biden spokeswoman Kate Bedingfield told the AP.
The event comes about a week after Biden launched a political action committee (PAC) called "American Possibilities," dedicated to encouraging and aiding Democratic candidates to run for office.
The invitation-only Experts and Enthusiasts (E2) Summit in Park City, Utah, will feature a number of prominent Republicans, including Sens. Lindsey Graham and John McCain, both vocal GOP critics of President Donald Trump, and House Speaker Paul Ryan, who was Romney's running mate in 2012.
Trump declined the invitation, according to the AP.
Biden is not the first Democrat to attend Romney's annual summit. Democratic strategist David Axelrod, a former senior adviser to former President Barack Obama, participated in the discussion.
At the summit last year, Romney, then a "Never Trump" Republican, told the crowd that Trump's nomination as the Republican candidate "is breaking my heart for the party."
Biden, a longtime politician who is now 74 years old, spurred speculation in recent months that he would run for president in 2020, though he has not officially announced any intention to do so.