The invitation for the meeting came during the congratulatory call to Modi by Obama after the Lok Sabha election results were out.
"A date was offered by the US side for the meeting and both the countries are working on it," official sources said.
It is understood that Washington has proposed September 30 as the date for the meeting but the Indian side is looking at clubbing the bilateral meeting with Modi's visit to the US for the United Nations General Assembly around September 26.
Obama was among the first foreign leaders to call up Modi and congratulated him on his "emphatic election victory" and said the largest democracy in the world has given a "decisive mandate".
The US President also wished that under Modi's leadership, India will contribute significantly at the global stage.
Both the leaders had discussed the India-US Strategic Partnership and the prevailing global economic situation.
The call was the first high-level contact between Modi and the US leadership ever since 2005 when the Gujarat chief minister had been denied a US visa due to his alleged complicity in the 2002 riots in the state.