A senior U.S. official in Iraq says Saddam's sons Odai and Qusai are believed to have been killed in the raid, which targeted the home of a Saddam cousin in the city of Mosul.
A firefight erupted when U.S. soldiers surrounded the home, a suspected hideout for top-level former members of the Iraqi regime.
The U.S. source says investigators are still waiting for the results of DNA tests to confirm the identities.
President Bush has now been briefed on a raid in Iraq that may have taken the lives of Saddam Hussein's two sons, Odai and Qusai.
The briefing came from Defense Secretary Donald Rumsfeld -- and it followed a big firefight at a home in northern Iraq. The home in the city of Mosul belonged to one of Saddam's cousins.
Four Iraqis were reported killed in the raid.
A senior administration official says U.S. officials are hopeful that the elder sons of the deposed dictator are among the dead.
The United States has offered a 15 million-dollar bounty for each of the sons -- with 25 million for Saddam himself. But officials say they have no information suggesting Saddam was present during the raid.