Hussein said his country is going to set a date for the negotiations.
The top Iraqi diplomat added that the previous talks between Tehran and Riyadh were secret but this time around, they will be held openly.
Iran and Saudi Arabia have so far held five rounds of talks after the cut ties in 2016.
The Iraqi foreign minister spoke about a range of other issues. He referred to the recent attack on Iraqi soil that killed a number of civilians.
Hussein said Baghdad has taken a series of measures to file a complaint with the UN Security Council against Turkey over the shelling.
He noted that Ankara has not called for the formation of a fact-finding committee to look into the incident.
Hussein said military experts blame the attack on Turkey, adding that the PKK, an anti-Turkey armed group, was not in the area hit by Turkish forces.
The Iraqi foreign minister said his country will pursue the matter but he ruled out the possibility of war with Turkey.
Hussien said war is not the way forward. He also urged Turkey and the PKK to not settle their scores on Iraqi soil.
Turkey on Thursday denied involvement in the attack. Ankara pinned the blame on the PKK.
Meanwhile, Iraqi Prime Minister Mustafa al-Kadhimi said after the incident that Baghdad reserves the right to respond to the aggression against its territory.