During his two-day visit, he will participate in the International Vesak Day celebrations, the biggest festival of Buddhists, inaugurate a hospital built with Indian assistance and address the Indian-origin Tamil community, besides attending some other programmes.
"This will be my second bilateral visit there in two years, a sign of our strong relationship," he said in a Facebook post, hours before travelling to Sri Lanka.
"During my visit, I will join the International Vesak Day celebrations in Colombo on 12th May, where I will interact with leading Buddhist spiritual leaders, scholars and theologians," Modi wrote.
"My visit brings to the fore one of the most abiding links between India and Sri Lanka - the shared heritage of Buddhism," he said.
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The Prime Minister recalled that during his last visit in 2015, he had the opportunity to visit Anuradhapura, a UNESCO world heritage site and a leading centre of Buddhism for centuries.
"This time, I will be privileged to pay respect at the revered Sri Dalada Maligawa in Kandy, also known as the Temple of the Sacred Tooth Relic," he said.
He will be meeting with Sirisena, Wickremesinghe and other eminent dignitaries, he said.
"I will also visit the up country region of Sri Lanka where I will inaugurate the Dickoya Hospital that has been built with Indian assistance, and have an interaction with the Indian-origin Tamil community," Modi said.