Park Geun-hye is due to become the first South Korean president to visit Iran, according to her office.
Park's office said on April 18 that she and Iranian President Hassan Rohani will next month discuss ways to boost bilateral relations as well as regional issues such as tensions on the Korean Peninsula.
Iran and North Korea have long been suspected of being partners in weapons technologies.
During Park's May 1-3 visit, Park is expected to push for corporate deals including chemical and power plants, infrastructure, and information technology.
The visit comes as Seoul seeks new markets to turn around a decline in export revenues, and follows Iran's agreement to curb nuclear activities in exchange for the lifting of international sanctions.
Tehran and Seoul established diplomatic ties in 1962.
Based on reporting by AFP and AP