The visit to the Jewish state will cap a week of intense travel for Canada's globetrotting foreign minister, who is visiting the United Kingdom prior to the Davos summit.
In September, Baird used his speech to the United Nations General Assembly to lambaste opponents of Israel as being no better than pre-Second World War appeasers who allowed fascism and communism to flourish.
In an interview with The Canadian Press last month, Baird dismissed criticism from Arab and Muslim groups that the Conservatives have tilted too far towards supporting Israel in the conflict with the Palestinians.
Baird said last month he also planned to travel to the Palestinian territories on his upcoming trip.
Flaherty is expected to meet with Israeli business leaders.