Traditional finite-set model predictive control (FS-MPC) techniques are characterized by a variable switching frequency which causes noise as well as large voltage and current ripple. In this paper a novel predictive control strategy with a fixed switching frequency for a voltage source inverter called as modulated model predictive control (M2PC) is proposed, with the aim of obtaining a modulated waveform at the output of the converter. The feasibility of this strategy is evaluated using simulation results to demonstrate the advantages of predictive control, such as fast dynamic response and the easy inclusion of nonlinearities. Finally, a modified strategy is proposed in order to naturally reduce the common mode voltage. The constraints of the system are maintained but the performance of the system in terms of power quality is improved when compared to FS-MPC.