The decision was made known after a meeting of the legislators in the party headquarters in the heart of Chennai. A party leader told IANS that Panneerselvam would call on Governor K. Rosiah later in the day.
The expected development followed a meeting Jayalalithaa had with Panneerselvam and some other senior AIADMK functionaries at the Bangalore Central Jail earlier Sunday.
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Panneerselvam had become chief minister in similar circumstances in 2001 for a brief period.
A special court in Bangalore late Saturday sentenced Jayalalithaa to four years in prison and fined her Rs.100 for amassing wealth illegally when she was the chief minister in 1991-96.