The hearing will take place after the May 29 Memorial Day holiday.
"I am hopeful that he will clarify for the American people recent events that have been broadly reported in the media", Burr said in a joint statement announcing Comey had agreed to testify.
"I hope that former Director Comey's testimony will help answer some of the questions that have arisen since Director Comey was so suddenly dismissed by the President", said Sen. "Moreover, the American people deserve an opportunity to hear it", Warner said.
The development will come as blow to White House efforts to dampen down interest in the Russian Federation investigation as Mr Trump jetted off to Saudi Arabia on his first foreign trip as president.
On Friday, The Washington Post reported that a senior White House official was now under investigation as part of an investigation over Russian efforts to tilt the elections in Trump's favour. Earlier this week, revelations that Comey kept memos detailing his conversations with Trump, including one in which the president apparently pressed his former Federal Bureau of Investigation director to drop the inquiry into former national security adviser Michael Flynn, roiled Washington.
Emphasizing that he wants to clear the air, Trump stated, "I want to get to the bottom if Russian Federation or anybody is trying to tamper or play with our election".
"As the president has stated before - a thorough investigation will confirm that there was no collusion between the campaign and any foreign entity", said spokesman Sean Spicer.
WH Official: NYT, WaPo Reports Are 'Coordinated Attack' on Trump
Attorney Nick Akerman, an assistant special prosecutor during Watergate, said building an obstruction case "comes down to intent". Watch the full report above. "I faced great pressure because of Russian Federation ".
"We're extremely disappointed in James Comey's decision not to testify voluntarily before the Judiciary Committee", said Chairman Chuck Grassley and the panel's top Democrat, Dianne Feinstein, urging Comey to reconsider. Investigators are shifting from work that has largely been hidden from the public to conducting interviews and asking for grand jury subpoenas, the Post reported, citing people familiar with the investigation.
A Chaffetz spokeswoman did not immediately respond to a request to comment on whether Comey had indicated if he would testify.
Trump has been on record as calling the investigation a "witch hunt".
On Wednesday, Rosenstein appointed former FBI Director Robert Mueller as a special counsel to take over and continue the Justice Department investigation into Russian election interference and possible links with Trump campaign aides.
Trump also set a goal to use the visits as a way to signal that the U.S.is re-establishing its global leadership role while emphasizing its allies' responsibility to share more of the burden of their own defense and to increase investment and partnerships that can create U.S.jobs, the official said. The report says one official read quotations to The Times, and a second official confirmed the broad outlines of the discussion.
But Senate Judiciary Committee leaders - who also wanted Comey to testify before their panel in the wake of his dismissal - criticized the former director's decision to appear only before the Intelligence Committee.
Then-FBI Director James Comey testified in front of the Senate Judiciary Committee during an oversight hearing earlier this month before he was sacked by President Trump.