Embodiments of a Next Generation Node-B (gNB) and User Equipment (UE) are generally described herein. The gNB may transmit control signaling to configure transmission of position reference signals (PRSs) by a plurality of transmit-receive points (TRPs). The gNB may receive, from the UE, for each of the TRPs, a set of signal location parameters (SLPs). The gNB may perform an iterative process to estimate a position of the UE. For a current iteration, the gNB may: determine a current estimate of the position of the UE based on a current plurality of sets of SLPs; and determine a cost function for each of the current plurality of sets of SLPs. The gNB may determine, based on the cost functions, a next plurality of sets of SLPs for a next estimate of the position of the UE.