Rodman has said he is trying to "accomplish" something both he and President Trump need through this visit.
A senior USA official tells CNN that the State Department was aware Rodman was planning to travel to North Korea, but stressed Rodman was not traveling there in any official capacity for the US government.
"I'm really looking forward to spending time with the wonderful people of North Korea and of course, visiting with the Supreme Leader, Kim Jong Un", Rodman is quoted as having said in the statement.
He's made several visits to the country, but has been roundly criticized for insensitive comments and for regaling leader Kim Jong Un with "Happy Birthday" in 2014.
Dennis Rodman has made several trips to the mysterious country as he claims the tyrannical leader is a "good kid" - but what else is he famous for?
He is expected to arrive in Pyongyang on Tuesday.
His publicist also pointed out that Rodman was in the unusual position of being friends with both Mr Trump and Mr Kim.
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Pinkston said the trip was likely part of an effort by the North's foreign ministry to ease tensions with Washington.
"But one thing we know is that Trump is transactional", said one person who works on North Korea, speaking on the condition of anonymity due to the sensitivity of the discussions.
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Trump called Rodman "smart" for his 2013 trip to North Korea, Politico reported at the time.
Former US basketball player Dennis Rodman (C) is surrounded by the media as he arrives at Beijing International Airport from North Korea on January 13, 2014. However, Rodman has been accused of ignoring North Korea's human rights atrocities, including the case of American citizen Kenneth Bae, who was held prisoner and sentenced to forced labor by the regime for allegedly planning to overthrow the North Korean government. However, Rodman has a close relationship with President Trump, stretching back to when he appeared on Trump's reality television show Celebrity Apprentice in 2009 and 2013.
United States officials are quick to point out that Rodman's visit to North Korea is in no way official and he is acting on his own.
The North has occasionally jailed USA citizens on charges ranging from hostile acts to illegal entry, and released them only after visits by high-profile figures including former president Bill Clinton.
The visit, the goal of which remained unclear, would be Rodman's latest to the nuclear-armed nation.