This probable meet is seen as a signal to a new start in ties with a leader once denied a visa by United States. (JPN/Agencies)
Modi, who swept to power in a general election last month, has accepted an invitation from Obama for two-way talks in Washington, the report said.
No comment was immediately available from the Government of India press office or from US embassy.
Both countries are keen to boost security and economic ties - the Obama administration has set a goal of quintupling annual trade to USD 500 billion.
Scheduling has still to be finalized but the summit would represent an upgrade from earlier expectations that Modi would meet Obama on the sidelines of the annual United Nations general assembly in New York.
Modi wants to cautiously open up the to foreign investment to boost growth and job creation.
His government may announce as soon as next month that it will allow foreign online retailers to sell their own products in India, creating a major business opportunity for players such as Amazon.
Modi visa row
Modi was first denied a visa in 2005 by United States. At that time, Modi, as the Chief Minister of Gujarat, had planned to travel to Florida where he was scheduled to address a convention of Asian American hotel owners.
US government said that it could not issue him a diplomatic visa because of its Immigration and Nationality Act. The Act states that any foreign government official responsible for serious violation of religious freedom is ineligible for a visa. The Congress-led UPA government had protested the decision. Modi had described US move as an attack on India's sovereignty. However, US government had repeatedly said that there is no change in its stand relating to visa policy and Modi is free to apply for a visa and await a review like any other applicant.
This probable meet is seen as a signal to a new start in ties with a leader once denied a visa by United States.