The temporary détente comes as Schulze is waging a public campaign to take the company private, in a bid to breathe new life into Best Buy. The company has been battered by a shift by consumers to online shopping, and turmoil in its executive suite.
Last month, the company announced a broad restructuring plan, and warned that its earnings and same-store sales would fall short of estimates.
According to the Star Tribune report, key members of Schulze's buyout team — which includes former Best Buy CEO Brad Anderson and former president Al Lenzmeier — are expected to attend the meeting.
Schulze and Joly have met previously, yet the meeting will be the first opportunity for them to exchange views and discuss the company's future in a substantive way, the Star Tribune reported.
The paper added that behind the scenes, Joly has arranged for Schulze's buyout team to interview key members of the company. Additionally, Joly has informed Schulze about important changes to the senior leadership, the Star Tribune said.
A Best Buy representative confirmed to the Star Tribune that the meeting will take place, saying that it was "not at all surprising that they would meet from time to time, just as they have in the past and just as they will certainly do in the future." He declined further comment.