Bhattarai, who quit the party in September voicing his reservation regarding the promulgation of the new Constitution, is intensifying consultation with different political leaders in an attempt to form a new political force in the country which is facing political crisis in the wake of Madhesis' protest against the new Constitution.
The 45 Central members of the party have not only quit the party's high post, but have also resigned from the general membership to join the proposed party to be formed by iBhattarai, sources said.
"Although none of the Parliament Members has quit the party now due to some technical reasons, they will quit at an appropriate time to form a new force," he claimed.
"We will come up with a new political party in a month or so," Poudyal said.
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According to Poudyal, the new party will be socialist in nature and not a hardcore communist outfit.
Bhattarai, who spent his years as a student at New Delhi's Jawaharlal Nehru University and is said to have close links with India, has been sympathetic to the agitation launched by Madhesi parties demanding more rights and representation to the people residing in the southern plains of Nepal.
His departure from the party gave a big blow to Prachanda.
The Maoist party, which had waged a decade-long insurgency to topple monarchy, has now split into half a dozen factions.
In 2009, the Maoist leader Matrika Yadav formed a new faction and in 2012 Mohan Vaidya formed another faction qutting the main party.
Later, again Vaidya faction split after Netra Bikram Chand quit the party.
The Maoist party had joined the peace process and adopted multi-party democracy in 2006 after the success of the Peoples Movement that led to restoration of democratic rights and subsequently abolition of monarchy.