President Nambaryn Enkhbayar said Putin could visit the country in June and Medvedev could arrive in August. He added that Russian Deputy Prime Minister Igor Sechin would pay a working visit in February.
Mongolian Prime Minister Sanjaa Bayar is to pay an official visit to Russia this spring.
"Our relations are developing at all levels," Putin said, noting prospects for developing mining and railway projects as well as cooperation in the energy and agricultural sectors.
A regular meeting of an intergovernmental commission for trade and economic cooperation will be held in February.
Russian-Mongolian trade exceeded $1 billion in 2008, while Russian imports grew 61%.