Sources said the review will be done by both the Delhi government and the party.
"The Cabinet reshuffle is on cards," said an AAP leader, but did not give a specific time frame.
"A review of performance of certain ministers was necessary. More importantly, the government has completed a year and this gives us an opportunity to have a performance check of ministers.
"Now that the Assembly session is over, we will start the process of reviewing the performance," the leader said.
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The party wants to bring in fresh faces ahead of these two crucial polls, they added.
If the reshuffle takes place, it will be second rejig in a little more than a year.
The AAP had earlier sacked Law Minister Jitendra Singh Tomar after his name cropped up in a fake degree case. Environment Minister Asim Ahmed Khan was sacked over graft charges.