The new selection committee will start its operation on May 1 and will serve for two-year term.
The four-member panel comprises wicketkeeper-batsman Romesh Kaluwitharana, former offspinner Ranjith Madurasinghe and former fast bowler Eric Upashantha, besides Jayasuriya.
Kaluwitharana, who formed the destructive opening partnership with Jayasuriya in the 1996 World Cup victory, was Sri Lanka 'A' team coach for a number of years, while Madurasinghe, a Test player in the 80s, has served before on the panel, and Upashantha was a member of the national team in the late 90s.
SLC had asked for reinstating Jayasuriya as chief selector for several weeks, but was awaiting the Sports Minister's approval.
The new committee was formed as soon as SLC got the green signal from the Sports Ministry.
Jayasuriya had earlier held the post from January 2013 to March 2015.