Brown's spokesman said the prime minister wanted to "discuss the way forward in the peace process" with Israeli and Palestinian leaders and to focus on economic reconstruction and development in the region.
Britain and the United States sponsored an investment conference in the occupied West Bank town of Bethlehem in May, at which private investors pledged to pump 1.4 billion Euros into Palestinian businesses to bolster the economy.
Brown has made strengthening the Palestinian economy a key plank of his policy towards the region, arguing that the political and security situation there can only improve if there is a strong and sustainable Palestinian economy.
Before giving a speech to the Israeli parliament or Knesset on Monday, Brown will lay a wreath on Sunday at the Yad Vashem Holocaust memorial and visit the Church of the Nativity in Bethlehem, built on the spot where Christians believe Jesus was born.
Olmert said this week that the Israelis and Palestinians had never been so close to a peace deal, though problems still had to be overcome.
Olmert and Abbas launched U.S.-sponsored peace negotiations last year with the aim of reaching an agreement before President George W. Bush leaves office next January, but progress has been hindered by vehement mutual recriminations.
Brown, who succeeded Tony Blair as British prime minister in June last year, has seen his poll ratings plunge as the credit crunch and high fuel prices have hit the economy. His Labour party lags the opposition Conservatives by up to 20 percentage points in opinion polls.
Prior to his arrival in Israel, Brown met with Iraqi leaders less than a week after an announcement of expected British troop cuts in southern Iraq.
Brown was greeted in Baghdad's protected Green Zone by Iraq's prime minister, Nouri al-Maliki. There were no public statements following the meeting.