During his visit, he will take part in the UN 'Vesak Day' celebrations to be held from May 12 to 14.
This is Prime Minister Modi's second visit to Sri Lanka. He had visited the country earlier in May, 2015.
The 'International Day of Vesak' will be hosted by the Buddhist-majority country and the commemorations in Colombo will include an International Buddhist Conference in which over 400 delegates from more than 100 countries will participate.
Vesak is the most important day in the Buddhist calendar.
It commemorates Lord Buddha's birth, enlightenment and passing away.
Prime Minister Modi's visit will come after his Sri Lankan counterpart Ranil Wickremesinghe's arrival to India on April 25.
Wickremesinghe will be on a five-day visit during which he will hold talks with Prime Minister Modi to further expand ties in a range of areas and find a solution to the vexed fishermen issue.
"The Prime Minister will have a luncheon meeting with Ranil Wickremesinghe on April 26," Ministry of External Affairs (MEA) official spokesperson Gopal Baglay said.
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