Asked about the name of the party, Subba Reddy refused to divulge it but said it will have the name of late Chief Minister Y S Rajasekhara Reddy, the father of Jagan.
"I cannot say what the name will be but it will have the name of late YSR. The process is expected to end in sometime after which the name of the party will be made public," he told reporters.
Jaganmohan Reddy, who had revolted against the Congress leadership and left the party, had last week said he intends to seek re-election from Kadapa Lok Sabha seat and was not keen on destabilising the Congress Government in Andhra Pradesh.
He said he has fast-tracked the process to register and launch his new political party before the bye-elections for Kadapa and Pulivendula assembly constituencies are announced.
The seats were vacated by him and his mother Vijayalaxmi after they quit Congress on November 29 last year alleging "humiliation" by the party high command.
Jagan has also claimed that he has no intention to destabilise the Nallari Kiran Kumar Reddy Government in Andhra Pradesh as he is preparing to face the Assembly elections in 2014.