Party General Secretary Sitaram Yechury presently edits the weekly.
"Given the responsibilities Yechury has now as General Secretary, there is need to lessen load on him. Karat will replace him as the editor," sources said.
A decision to this effect was taken during two-day Central Committee meeting which concluded here today.
CPI(M) also "as of now" plans to contest upcoming Bihar polls along with other Left outfits as there is no clarity over which way the Janata Parivar of six erstwhile offshoots of Janata Dal heads with regard to alliance for the crucial polls.
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"Until now, there is no clarity to us over which way Janata Parivar is going. So, as of now, we plan to contest the polls with other Left outfits," they said.
Among other organisational decisions, CPI(M) has decided to retain Politburo Commission which will hear the party's intra-Kerala unit issues, they said.
The sources said CPI(M) plans to hold a plenum later this year to assess status of its organisational strength which has seen a drastic decline in the past few years, especially in its one-time bastion of West Bengal. The last such meeting was held in 1978 at Salkia in West Bengal.