In this investigation we explore a general strategy for constructing modal theories where the modal notion is conceived as a predicate. The idea of this strategy is to develop modal theories over axiomatic theories of truth. In this first paper of our two part investigation we develop the general strategy and then apply it to the axiomatic theory of truth Friedman-Sheard. We thereby obtain the theory Modal Friedman-Sheard. The theory Modal Friedman-Sheard is then discussed from three different perspectives. First, we show that Modal Friedman-Sheard preserves theoremhood modulo translation with respect to modal operator logic. Second, we turn to semantic aspects and develop a modal semantics for the newly developed theory. Third, we investigate whether the modal predicate of Modal Friedman-Sheard can be understood along the lines of a proposal of Kripke, namely as a truth predicate modified by a modal operator.