Erdogan, who suffered a rare political setback in inconclusive June polls, said he would meet the parliament speaker on Monday to make the arrangements and then formally call the new elections.
"We will take our country to elections," Erdogan told reporters after Friday prayers in Ankara.
"God willing, Turkey will have the elections again on November 1."
A deadline for political parties to agree a coalition following the June 7 election runs out on Sunday, with the ruling Justice and Development Party (AKP) failing to form a coalition.
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Erdogan's comments indicated that he would use his right to call elections as president, rather than using the alternative route of agreeing the new polls through a motion in parliament.
"Can the president call early elections according to the constitution? Yes he can!" said Erdogan.
Opponents have accused Erdogan of seeking the early election all along and meddling in the coalition talks in the hope the AKP will improve on its vote in new polls.
The opposition has accused Erdogan of violating the constitution but the president said he would not meet CHP leader Kemal Kilicdaroglu, who refuses to set foot in his controversial new presidential palace.
"Why shall I invite the one who does not know Bestepe"? he said, referring to the Ankara district where the palace is located.
"Is there a reason to lose time?
The election will come as Turkey fights an "anti-terror" offensive against Kurdish militants and jihadists, with some critics accusing Erdogan of seeking political gain out of the conflict.