Punjab Chief Minister Shehbaz Sharif, the brother of ousted Prime Minster Nawaz Sharif, is to replace him at the head of the government, the media reported.
The elder Sharif met senior party leaders after being disqualified by the Supreme Court for "dishonesty" in the Panama Papers trial case.
The name of Shehbaz Sharif was announced during a high-level PML-N meeting.
The younger brother is not a member of the National Assembly or Senate, and will have to get elected to the Senate to be Prime Minister.
The party will have to propose a name for interim Prime Minister, to fill the 45 day vacuum until Shehbaz Sharif gets elected to the Parliament.
Pakistan Muslim League-Nawaz leader Khawaja Asif will most likely become interim Prime Minister.
According to reports, either Hamaz Shehbaz Sharif, the son of Shehbaz, or Rana Sanaullah, Punjab province's Law Minister, will replace Shehbaz Sharif as the Punjab Chief Minister.
It was also decided during the meeting that the party will utilise all legal and constitutional options available to counter the apex court's verdict.