The Left-United Progressive Alliance panel meet is scheduled to start at 4 pm.
Significant political developments have taken place since the last meeting of the UPA-Left panel.
The Election Commission has announced its decision to hold elections in Gujarat and Himachal Pradesh in November and December.
"It is necessary to put up a show of solidarity and contest the elections jointly in Gujarat and bring down the Narendra Modi government. Hence, the Left parties will give the Centre time till Diwali to announce its decision about the Indo-US nuclear deal, whether it wants to terminate the agreement or face the elections," said a senior Left leader.
Communist Party of India General Secretary A B Bardhan had earlier told reporters that the Left did not want to spoil the festival season and any major decision about the fate of the Union government will be taken after the festival season gets over.
Prime Minister Dr Manmohan Singh's changing stance on the matter during his tour of Nigeria and South Africa has further encouraged the Left Front that the government will not opt for mid-term elections.
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