Sonia Gandhi and Manmohan Singh will meet Obama at the ITC Maurya hotel, the sources said. The meeting is likely to take place between 2 and 4 p.m. on Monday.
It was not yet clear if Congress vice president Rahul Gandhi will also join the two top party leaders for the meeting.
Manmohan Singh was prime minister when Obama visited India in November 2010.
Obama is known to have high regard for Manmohan Singh and had referred to him as a "good friend".
"I can tell you that here at the G20, when the prime minister (Manmohan Singh) speaks, people listen, particularly because of his deep knowledge of economic issues," Obama had said in Toronto in 2010 before a bilateral meeting.
Obama will be accompanied by his wife Michelle Obama during the visit. They will arrive in Delhi Jan 25 and will be also witness the Republic Day celebrations on Jan 26.