The tri-series, which will also feature Sri Lanka, will begin on January 15 and run till January 27.
Madushanka, who has appeared in only three first-class games and three List A matches so far, has been selected for the tri-series on the promise of his pace.
Talking about Madushanka, new coach Chandika Hathurusingha suggested the national selectors that the rookie player should be groomed with the 2019 World Cup in mind.
"He's got pace and you can't coach that. When we go to the next World Cup, we'll need about seven or eight fast bowlers who have played at least 15 ODIs each. We've chosen Madushanka as a player we might use in the long-term," ESPNcricinfo quoted Hathurusingha, as saying.
The likes of Dinesh Chandimal, Kusal Mendis and legspinning all-rounder Wanindu Hasaranga have also made a comeback to the squad.
While Hathurusingha said that Chandimal's return despite poor form in 2017 was a long-term move, Mendis was back in the team for the upcoming tri-series in the wake of a little domestic form.
Meanwhile, Sri Lanka have re-appointed Angelo Mathews as limited-overs captain, less than six months after stepping down from the post.
The shift in captaincy came in less than two months after Thisara Perera was named Sri Lanka's skipper for the ODI and T20I matches against India in November 2017, replacing Upul Tharanga.
The change came due to poor performance and whitewash losses under Tharanga's captaincy.
Squad: Angelo Mathews (capt), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan, Wanindu Hasaranga.(ANI)