The decision to call the meeting on May 24 was taken after a meeting between secretary general Randhir Singh and acting president V K Malhotra during the day.
As per IOA constitution, a 15-day notice has to be given to the members for convening the executive board meeting.
"The secretary general and the acting president met today and it was decided to call the meeting on May 24," IOA vice-president Tarlochan Singh told PTI.
He said the agenda of the meeting would be finalised in the due course of time and would be circulated to the members.
The meeting assumes importance in the light of recent developments which has led to the arrest of Kalmadi.
Sports Minister Ajay Maken had earlier said that the Indian Olympic Association would be asked to elect a new president if Kalmadi is arrested by the CBI and threatened intervention by the Ministry if the IOA fails to act.
A day after the arrest of Kalmadi, IOA officials immediately had started informal stock-taking exercise to decide the future course of action.
Kalmadi, former Commonwealth Games Organising Committee chairman, was arrested on Monday by CBI for allegedly awarding a contract for the mega event to a Swiss company at an inflated rate of Rs 141 crore in a "pre-meditated" manner.