"The President's power to assert executive privilege is well-established," the White House said in a statement.
"However, in order to facilitate a swift and thorough examination of the facts sought by the Senate Intelligence Committee, President Trump will not assert executive privilege regarding James Comey's scheduled testimony," it added.
Comey is scheduled to appear before the Senate Intelligence Committee on Thursday. His participation was never in doubt, but Trump could have acted to keep a lid on their discussions about the FBI's Russia investigation into Gen. Michael Flynn and other associates of the president.
Comey will be asked publicly for the first time whether the president asked him to back off of Flynn -- a claim the law enforcement official reportedly made in a memo that was leaked, in part, to the press and the Justice Department is refusing to provide to Congress.
On May 10, the US President fired Comey, abruptly removing the top sleuth overseeing a criminal probe into whether the Trump campaign colluded with the Russian government to influence the 2016 presidential election that was won by the real estate mogul.
'You're terminated': Trump sacks FBI director Comey
Was going to fire Comey regardless of recommendation: Trump
'It is done, and I'll be fine'
Russia is 'greatest threat of any nation on earth' to US: FBI chief
Trump wiretapping: Did FBI ask DoJ to refute the claim?