With the scrapping of the Test series, players from both the countries will now be available for the IPL, which runs from April 3 to May 26 next year, the report also said.
The two countries were scheduled to play two Tests, three ODIs and two Twenty20s as per the Future Tours Programme.
SLC chief executive Ajit Jayasekara said the WICB had put forward the idea, and his Board had agreed to the change in schedule after holding discussions.
According to the 'Cricinfo' report, Jayasekara said scheduling an ODI series instead of following the FTP would end up being "more lucrative for the board".
He denied that the Test tour was scrapped to avoid a clash with the IPL. Incidentally, national Boards receive 10 per cent of each player's salary from the IPL.
WICB corporate communications manager Imran Khan said that the Indian Cricket Board has agreed in principle to the tri-series. Dates and details would be finalised following final sanction from the BCCI, he said.
A BCCI official, however, was quoted as saying by the report that nothing has been finalised as yet regarding the tri-series.
"We have been told about this but the matter is being discussed. Nothing has been decided or finalised yet," a senior official of BCCI said in the report.
This will be the second time Sri Lanka have foregone a Test series which clashes with the IPL. In 2009, they declined to replace Zimbabwe in England, when Zimbabwe were unable to tour for political reasons.
In 2011, several players, including Kumar Sangakkara and Mahela Jayawardene, missed tour matches playing in the IPL ahead of a three-Test series in England, which Sri Lanka eventually lost 1-0.