Under pressure from the local as well as global organizations including the United Nations, European Union and Western governments, the President made a decision to reconvene the parliament on November 14, just two days ahead of the scheduled date.
The Agence France-Presse cited an unnamed minister as saying that "the election is likely to be held in early January" rather than the scheduled date in 2020.
The dissolution, which is expected to be challenged in court, was revealed in an official gazette notification signed by Sirisena which also set the next sitting of parliament for January 17. Previously, Sirisena's party admitted to not having the votes to confirm ex-strongman Mahinda Rajapaksa as the new prime minister.
Sirisena has said he fired Wickremesinghe because the prime minister was trying to implement "a new, extreme liberal political concept by giving more priority for foreign policies and neglecting the local people's sentiment". He has also called a general election for Jan 5.
Sirisena dissolved parliament on Friday night, only five days before it was due to reconvene and he was in danger of losing a vote of no confidence. He has refused to vacate his official residence and demanded that Parliament be summoned immediately to prove he had support among its members. "At the end of the day, he is a victim of his own homegrown crisis".
Tensions had been building between Sirisena and Wickremesinghe for some time, as the president did not approve of economic reforms introduced by the prime minister.
Sirisena was critical of investigations into military personnel accused of human rights violations during Sri Lanka's long civil war against a Tamil separatist group, which ended in 2009.
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Sri Lanka's largest party announced Saturday a legal challenge to President Maithripala Sirisena's sacking of parliament, a move that has plunged the Indian Ocean island nation into fresh turmoil and alarmed the global community.
Following the Parliament's dissolution on Friday, the United National Party - of which Ranil Wickremesinghe is the leader - vehemently rejected the move, and said that it was illegal. "We will fight in the courts, we will fight in parliament and we will fight at the polls".
The party said in a Twitter message that it will meet the elections commissioner to discuss the constitutionality of Sirisena's move.
"As a committed partner of Sri Lanka, we believe democratic institutions and processes need to be respected to ensure stability and prosperity", the US State Department said.
"We will demonstrate to the public of Sri Lanka our majority".
"We will definitely challenge this in the Supreme Court, that the president is violating the constitution", said Harsha De Silva, who was state minister of economic affairs under Wickremesinghe's government. The only other legal ways would be through a referendum, or with the consent of two thirds of lawmakers.