The main opposition PML-N and ruling Pakistan People's Party have reached an understanding on dissolving the national and provincial assemblies on the same day - March 16 - so that elections to the assemblies can be held simultaneously.
Earlier, the PML-N, which rules the most populous province of Punjab, had shown reluctance in dissolving the provincial assembly on the same day as the National Assembly.
The Punjab Assembly is set to complete its five-year tenure on April 8 while the National Assembly's term ends on March 16.
Constitutional experts had said that polls to all the assemblies could not be held on the same date if the Punjab Assembly was not dissolved on March 16.
The deputy speaker of the Punjab Assembly said the PML-N had decided in principle that the national and Punjab assembly should be dissolved on the same day so that the polls could be held simultaneously.
He said a committee had decided that the last session of the provincial assembly should be held next week.
The PPP, which is in power at the centre, had requested the PML-N led by former premier Nawaz Sharif not to delay the dissolution of the Punjab Assembly as it would be very difficult to hold polls to the national and provincial assemblies simultaneously.
Information Minister Qamar Zaman Kaira has already announced that the National Assembly will be dissolved on March 16. PPP leaders have said the elections are likely to be held in late May.