President Obama announced his visit during the Taoiseach's traditional St Patrick's Day trip to the White House in Washington.

Mr Obama, who is expected to arrive in Ireland on May 23rd, said he wished to visit his ancestral home of Moneygall, a village (population 300) in Co Offaly.

The 44th US President found out years ago he had an Irish ancestor who fled the country in 1850 in the wake of the potato famine.

The announcement was welcomed by the newly elected Taoiseach Enda Kenny, who had only been in the job for a week.

The visit of the US President is expected to provide the new Irish Government with a significant economic assistance.

Speaking in the Oval Office with Mr Kenny sitting next to him, Mr Obama said: "I'm sure that we will be co-operating very closely with Mr Kenny and providing any assistance that we can on the economic front."

Taoiseach Enda kenny said: "I am absolutely thrilled I have to say, that President Obama has confirmed that he is coming to Ireland. He follows a long line of presidents of the US who have visited Ireland. I can assure you that your visit will be rapturously received by the people of Ireland."