India have already confirmed their participation, while New Zealand is likely to be the third team, with host Sri Lanka making up the trio.
The tournament is scheduled to take place in May-June of 1998 when New Zealand are due to tour Sri Lanka for a series of three Tests and three one-day internationals.
Unlike their Asian neighbours India and Pakistan, who celebrated their Independence this year with a quadrangular tournament, Sri Lanka are unable to do so as the rest of the other countries are not free at the time.
Sri Lanka's international schedule for 1998 won't be all that taxing. After a hectic first eight months, they will not have any international commitments at all until December, when they participate in Australia's World Series Cup triangular as the third team.
The first eight months will feature eight Tests which will be the quota for the year - five at home and three abroad, with the usual percentage of one-day matches thrown in.
Zimbabwe arrive in the New Year to play a series of two Tests and three one-day internationals. This will be followed by Sri Lanka making a two-Test tour of South Africa in March-April, where they will also take part in a triangular one-day tournament featuring the host country and Pakistan.
In May-June, Sri Lanka will be hosting New Zealand for a three Test and a three-match one-day series. New Zealand will stay back for the Independence tournament.
In August, Sri Lanka will tour England for a one-off Test and a triangular tournament involving the host nation and South Africa.
That will be the quota of Sri Lanka's international commitments for 1998 with the possibility of a visit to Sharjah in November which is not confirmed.