The pressure on the panel to resign had intensified after Sri Lanka were beaten 3-0 in the home test series against India, who have also taken an unassailable 3-0 lead in the ongoing five-match ODI series.
The five-member panel will stay on only for the next two ODIs and the sole Twenty20 against India, ESPNcricinfo reported citing a sports ministry statement.
"A combined letter bearing the names of the above committee has conveyed this decision to sports minister Dayasiri Jayasekara. According to the letter, their tenure will end on September 7," the ministry was quoted as saying.
Angelo Mathews stepped down as Sri Lanka captain from all formats last month after they succumbed to their first ever ODI series defeat against Zimbabwe.
Dinesh Chandimal was put in charge of the test team who were whitewashed in the test series by India and now face a similar humiliation in ODIs against the neighbours.
Irate fans have staged protests over the team's poor form and some of them hurled water bottles to hold up play in Sunday's ODI against India at Pallekele.
The selectors have been accused of lacking vision and making frequent changes to the squad but Jayasuriya has blamed it on a spate of injuries that have plagued the side over the last 12 months.
(Reporting by Amlan Chakraborty in New Delhi; editing by Keith Weir)
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