The 46-year-old Jayasuriya had stepped down from the post last year.
According ESPN Cricinfo, SLC president Thilanga Sumathipala has been quoted by Singhalese newspaper Divaina confirming the development.
"In wanting to take Sri Lankan cricket to a new path, we have put some changes in place," SLC president Thilanga Sumathipala told Divaina. "As such, we are expecting to appoint Sanath Jayasuriya as the new chairman of selectors."
It has been learnt that Jayasuriya will remain at the helm till 2019 World Cup as Sri Lankan cricket is going through a tough transition phase.
The veteran of 110 Tests, 445 ODIs and 31 T20 Internationals previously held the post from January 2013 to March 2015.
During that period, Sri Lanka won a World T20 in Bangladesh in 2014 and a Test series in England, before suffering a quarter-final exit at the 2015 World Cup.
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