The ruling Justice and Development Party (AKP) lost its overall majority in Sunday's polls, in what was seen as a major blow for Erdogan and the Islamic-rooted AKP which has ruled Turkey for the last 13 years.
Erdogan -- who has yet to speak in public about the results -- held two hours of unannounced talks in Ankara with Deniz Baykal who was Republican People's Party (CHP) leader until 2010 and retained his seat in the polls.
The meeting came amid speculation that one way out of Turkey's political impasse could be a grand coalition between the CHP and AKP.
Speaking to reporters afterwards, Baykal said Erdogan was open to all forms of coalition, in comments that further fanned speculation of grand coalition.
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"I saw that Mr President has an open understanding for all kinds of coalitions," the CHP grandee said, adding Erdogan wanted to see a coalition formed as soon as possible to prevent any political chaos.
"The political parties need to talk about the issue of a coalition. The presidency is not going to prevent a consensus," he added.
Baykal then met CHP leader Kemal Kilicdaroglu to inform him about the results of the meeting.
Veteran politician Baykal, 76, who is poised to be the acting speaker as the oldest MP, said the meeting took place at Erdogan's request.
The meeting also caused considerable ribaldry on social networks with users recalling how Erdogan had gleefully mocked Baykal when he resigned from the CHP post amid an alleged sex tape scandal.
However, Erdogan is due tomorrow to give his first post-election speech at an event in Ankara.