Putin will visit Ankara "at the invitation of" Erdogan, the presidency said in a statement, adding that the talks would focus on the latest developments on Jerusalem and the situation in Syria.
The Kremlin confirmed the visit, saying the two men planned to "discuss current questions of bilateral cooperation and above all the progress of joint projects in energy."
This appeared to be a reference to the TurkStream pipeline that is being built under the Black Sea to pump Russian natural gas to Turkey, and also to the Akkuyu nuclear power plant Moscow is building in southern Turkey.
The latest encounter between the two leaders comes at a time of intense diplomacy between Turkey and Russia, especially over Syria.
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It will be their eighth face-to-face meeting this year.
Russia, along with Iran, is the key backer of Syrian President Bashar al-Assad, and Moscow's military intervention inside Syria is widely seen as having tipped the balance in the conflict.
Turkey, however, has backed the rebels seeking Assad's ouster in a conflict that has left more than 330,000 dead.
In recent months, Turkey has markedly toned down its criticism of the Assad regime and focused on opposing a Syrian Kurdish militia seen by Ankara as a terror group.
Their last meeting was on November 22 in the Russian resort of Sochi, when they were joined by Iranian President Hassan Rouhani for a three way summit on Syria.
Both Turkey and Russia have expressed alarm at the US move to recognise Jerusalem as the capital of Israel.