Changing the president’s mandate from seven to five years is part of several proposals for constitutional reforms which are to be put to a referendum.
The president’s office say they are aiming to strengthen democracy.
Several African presidents have recently done the opposite – changing constitutions to extend their time in power.
The new constitution would not allow a president to run for more than two consecutive terms in office.
The BBC’s Nadege Sinarinzi in Dakar says after reducing his term in office, Mr Sall is then expected to put himself forward for re-election in 2017 instead of 2019.
Other suggested amendments to the constitution include an upper age limit of 75 years.
The date of the referendum is yet to be announced.
Mr Sall, 54, was elected in 2012, defeating the incumbent Abdoulaye Wade, who had controversially sought a third term in office.