Party's state unit secretary G Ramakrishnan said the state executive had decided in this regard.
"T K Rangarajan is our candidate," he told reporters here.
He thanked AIADMK for extending support to his party, which came days after he led a party delegation to meet the ruling party General Secretary and Chief Minister Jayalalithaa at her Kodanad camp office on January 21.
While announcing four of her party candidates for the February 7 biennial elections today, Jayalalithaa had also extended her party's support to CPI-M.
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Rangarajan will file his nomination papers on January 27, Ramakrishnan added.
Rangarajan was elected to the Rajya Sabha in 2008 and his term ends on April 2.
Asked about Lok Sabha alliance prospects with AIADMK, Ramakrishnan said his party was favourably disposed towards an electoral tie-up but added no talks had taken place between the two parties.
CPI-M, besides CPI, had entered into an alliance with AIADMK to fight the 2009 Lok Sabha elections and 2011 Tamil Nadu Assembly polls.