Rajya Sabha MP R Vaithilingam will head the panel set up by Palaniswami and it is likely to include some ministers.
"Considering the welfare of party supporters and people, we are also going to form a committee," Panneerselvam aide K P Munusamy told reporters.
The developments comes a day after the talks appeared to have hit a roadblock with the Panneerselvam camp seeking formal expulsion of V K Sasikala and T T V Dhinakaran from the party.
Hardening its stance for talks, the OPS camp had also demanded that 30 members of the Sasiskala family be formally expelled from the party.
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Meanwhile, former School Education Minister K Pandiarajan of OPS faction confirmed that the Palaniswami group had contacted them for talks.
Earlier the AIADMK (Amma) leader and Local Administration Minister S P Velumani had quoted Palaniswami as saying that Vaithilingam, heading the panel, would be at the party office here and "we will join him as and when required."
Velumani said the common feeling in the faction was that there should be unity in the party "founded by MGR (M G Ramachandran) and taken forward by Amma (Jayalalithaa)".
Earlier, the ministers and senior leaders met at the party headquarters here under Palaniswami.
Following the cabinet's revolt against him early this week, Dhinakaran had said he was "stepping aside" in the interest of the party.
Munusamy had yesterday said the first demand was getting the resignation of Sasikala and Dhinakaran and later their formal expulsion along with 30 other members of their family.
Munusamy had said he suspected "foul play" over the Palaniswamy camp's decision of April 18 to remove Sasikala and Dhinakaran.
He had said that in keeping with AIADMK party practice, a party notification should be issued on Dhinakaran and Sasikala family's expulsion.
He had said that the OPS camp would regard it as a full victory only if cadres were asked not to have any truck with the duo.
"There is no drama. We compelled him (Dhinakaran) to step aside and he did it happily," Vaithilingam said.
Munusamy had yesterday in reply to a query from reporters said the OPS faction had not demanded the posts of either Chief Minister or party general secretary.
Meanwhile, Dhinakaran remained incommunicado for the second consecutive day after being served summons by a two- member Delhi police team here on April 19 for allegedly trying to bribe an Election Commission official to secure the party's coveted two leaves symbol.
Sasikala is presently serving a four year term in a Bengalaru jail in a disproportionate assets case.