The term of President Pranab Mukherjee is coming to an end on July 24.
"We discussed the possibility of fielding a consensus candidate for the poll. We don't have any formal proposal before us right now, but we welcome this suggestion," CPI general secretary S Sudhakar Reddy said.
Reddy said the CPI(M) and the CPI will discuss the idea with other left, secular and democratic opposition parties.
CPI(M) general secretary Sitaram Yechury, his predecessor Prakash Karat, politburo members Brinda Karat and S R Pillai attended the meeting held at the CPI(M) headquarters here.
The leaders also discussed holding a national-level 'anti-communalism' convention in the light of the alleged renewed aggressiveness of the RSS/BJP, Reddy added.
Yechury too had yesterday expressed the need for the opposition parties to field a consensus candidate for the election to ensure "secular supervision" of the Rashtrapati Bhavan.