The visit is Mr Xi’s first to Russia since the invasion of Ukraine began a year ago.
Beijing's foreign ministry said Mr Xi had been invited to Russia by Mr Putin from Monday to Wednesday next week - and said China would play a constructive role in promoting talks for peace".
It is believed the pair will share a one-on-one conversation and lunch on Monday, while a joint news conference is also planned during the visit.
Moscow said the visit would forge a "comprehensive partnership and strategic co-operation" between the two countries and that a number of "important bilateral documents" are expected to be signed.
In a message posted on Twitter on Friday, Chinese foreign ministry spokesperson Hua Chunying said it will be a trip "for friendship and peace".
"On the basis of no-alliance, no-confrontation and no-targeting of any third party, China and Russia have been promoting greater democracy in international relations," she said, adding China would uphold "an objective and fair position" on the war in Ukraine.
A second Chinese foreign ministry spokesman, Wang Wenbin, said the visit would increase the “mutual trust and understanding” between the two countries, which he said had “established a new paradigm for international relations.”
However, he added that China was focusing on peace.
“China’s proposition can be summed up in one sentence, which is to persuade peace and promote talks," he said.
Unconfirmed reports in US media have claimed that Mr Xi will speak to Ukrainian President Volodymyr Zelensky following his meeting with Mr Putin.
In February, Mr Zelensky said he wanted to speak to Mr Xi.
"I really want to believe that China will not supply weapons to Russia," he said, referring to claims from the US government that China was considering stepping up its support of Russia, something Beijing has denied.
Three weeks before Russia’s invasion of Ukraine in February last year, the two leaders met in Beijing, where they declared a “no limits” friendship.
In an interview recorded before the visit by Mr Xi was confirmed, Ukraine's Foreign Minister Dmytro Kuleba said his president was ready for a telephone conversation with the Chinese leader.
He added: "I don't think China has reached the moment now… when it's ready to arm Russia. Nor do I think that this visit will result in peace. The visit to Moscow in itself is a message but I don't think it will have any immediate consequences."
He added: "Russia was looking for a different position of China since the beginning of the invasion. Russia did not get what it wants. Our understanding also is that Russia is becoming more and more dependent on China. So it's very complex."
Yesterday, China's foreign minister urged Ukraine and Russia to restart peace talks "as soon as possible".
Qin Gang told Mr Kuleba that Beijing hopes "all parties will keep calm, exercise restraint, resume peace talks as soon as possible and return to the track of political settlement".