Shahbaz, 61, is the younger brother of PML-N chief Nawaz Sharif who is set to become Pakistan Prime Minister after his victory in the general elections on May 11.
The Punjab Governor has convened a session of the provincial assembly on May 29. The legislators elected in the general elections will take oath on the first day of the session.
On the second day, the assembly's Speaker and Deputy Speaker will be elected while the Chief Minister for the province of 90 million will be formally elected on the third day.
Shahbaz Sharif was nominated for the post of Chief Minister by the PML-N's parliamentary committee that is headed by Nawaz Sharif.
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The parliamentary committee believes that no one other than Shahbaz Sharif can effectively manage the affairs of Punjab, which is the PML-N's stronghold.
Earlier, the name of senior PML-N leader Chaudhry Nisar Ali Khan did the rounds because he had won a provincial assembly seat and Shahbaz Sharif was interested in taking on the federal Water and Power Ministry to deal with Pakistan's energy crisis.