The Constitutional Court, however, stopped short of saying who has the authority to delay the polls announced by Yingluck's caretaker government after dissolving the lower house of parliament in December.
The poll panel and main opposition Democrat party have maintained the voting should be delayed because of political unrest.
The government, however, has said there was no legal basis to delay the voting date, fixed by royal decree, because the constitution provides that there must be an election 45-60 days after parliament is dissolved.
The was case forwarded to the court by the Election Commission to rule who had the authority to postpone the election, the poll panel or the caretaker government.
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Yingluck, who is under pressure to resign after nearly three months of street protests to topple her government, called the snap polls to ease the political deadlock.
At least nine people have been killed and hundreds injured in violence linked to political unrest since November.
The ongoing unrest, sparked by an amnesty bill that could have facilitated Thaksin's return to the country, has pitted Bangkok's middle class and royalist establishment against the mostly poorer, rural supporters of Yingluck and her brother.
Yingluck, who has signalled her determination to go ahead with the February 2 snap polls, yesterday imposed a state of emergency in and around the capital city.
The opposition has said it would boycott the vote to press the premier to step down. The protesters want an unelected "people's council" to govern the country until political reforms are carried out.