In a press conference, the election commission said that all other candidates apart from Dissanayake and Premadasa have been eliminated.
The eliminated candidates’ ballots will now be checked to see if secondary or third preferential votes were given to the two frontrunners.
To be declared the winner, Sri Lanka’s election laws say that a candidate must win 50% plus a single vote.
The election on Saturday was the first to be held since mass protests unseated the country’s leader, Gotabaya Rajapaksa, in 2022 after the country suffered its worst economic crisis.
All of Sri Lanka’s eight presidential elections since 1982 have seen the winner emerge during the first round of counting. This poll has been described as one of the closest in the country’s history.
Seventeen million Sri Lankans were eligible to vote on Saturday and the country’s elections commission said it was the most peaceful in the country’s history.
Still, police announced a curfew late Saturday night citing “public safety. It was lifted at noon local time (06:30 GMT).
Dissanayake promised voters tough anti-corruption measures and good governance – messages that resonated strongly with voters who have been clamouring for systematic change since the crisis.
Early results showed him rocketing to the lead, prompting several high profile figures – including the country’s foreign minister – to congratulate him.
But the latest numbers have shown him losing ground to Premadasa.
Incumbent president Ranil Wickremesinghe won 17% of the vote, putting him in third place in the polling.