The 19A amendment was introduced after last week's aborted attempt caused due to disruption by supporters of former president Rajapaksa, who had accumulated large powers during his nearly decade-long presidency.
He has also removed the two-term limit on presidents after his victory in 2010.
Appealing to the lawmakers to pass the historic amendment, Sirisena said: "It has always been my desire to prune presidential powers. You all will agree that I have been very generous."
Sirisena described the amendment as a historic occasion where all legislators are presented with the first such opportunity in 37 years.
Sri Lanka switched to an executive president-headed government in 1978 from a Westminster-style system.
The proposed amendment could see the restoration of independent commissions to run 11 public institutions and restoration of powers to the judiciary.
The 19A ran into a snag as some of its key provisions transferring powers of the president to parliament were subject to a national referendum by the Supreme Court.
The version presented today will pave the way for the establishment of independent commissions to ensure good governance.
The vote on the amendment is to take place tomorrow.
It remains to be seen if Rajapaksa's loyalists would provide the required numbers for the amendment to be adopted with 150 votes required in the 225-member assembly.
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