A private meeting, slated for Monday at Obama's transition office in Chicago, will be the first since Obama beat McCain, the Republican candidate, in the Nov. 4 election.
The meeting comes as Obama, who resigned his Senate seat on Sunday, has been interviewing some of his one-time political opponents to help him run the country.
Advisers to the former candidates have said they don't expect Obama to consider McCain for an administration job.
The two will be joined by Republican Sen. Lindsey Graham of South Carolina, a McCain confidant, and Rep. Rahm Emanuel, an Illinois Democrat Obama has chosen as his White House chief of staff.
Emanuel and Graham have worked together before on issues on Capitol Hill, and Graham jumped to Emanuel's defense when Republicans criticized his appointment as Obama's chief of staff.
In announcing the meeting on Friday, Obama's transition office said the president-elect and McCain "share an important belief that Americans want and deserve a more effective and efficient government, and will discuss ways to work together to make that a reality."