It comes as Donald Trump makes his first foreign trip to Saudi Arabia
Although the date of the hearing has not yet been set, it will be scheduled after the 29th of May Memorial Day holiday, the committee said.
Committee chairman Senator Richard Burr said he wants to hear from Mr Comey on his role in the development of the US intelligence agencies' assessment that Russia interfered in the presidential election last year.
He hopes Mr Comey's testimony will answer some of the questions that have arisen since the FBI director was suddenly dismissed last week by Donald Trump.
Top Democrat on the Senate Intelligence Committee, Mark Warner, said in a statement that: "Director Comey served his country with honour for many years, and he deserves an opportunity to tell his story. Moreover, the American people deserve an opportunity to hear it."
President Donald Trump walks with Saudi King Salman| Image: PA images
The announcement comes as President Donald Trump arrives in Saudi Arabia for his first foreign trip as president.
These latest developments will come as a blow to the White House who have made efforts to dampen down interest in the Russia investigation.
The White House has been thrown into turmoil by a string of allegations against Mr Trump this week, including that he may have obstructed justice by asking Mr Comey to drop an investigation into one of his top advisers.
The New York Times said the US president had told top Russian officials Mr Comey's sacking had relieved "great pressure" on him.
He also told Russian Foreign Minister Sergei Lavrov last week that Mr Comey was a "nut job," according to the Times.
That's contrary to the White House's public insistence that Mr Comey's dismissal was not linked to his ongoing investigation.