"Both of them (Ms Bhutto and Mr Sharif) will meet on Monday to decide the future strategy," Mr Sharif's close associate Raja Zafarul Haq told reporters.
Mr Haq, who is the chairman of Mr Sharif's Pakistan Muslim League (Nawaz), said, "They will decide whether they should participate in the election or not." Mr Zafr-ul-Haq said PML (N) wants a joint Opposition strategy regarding the election.
Ms Bhutto's spokesperson Farhatullah Babar has also confirmed the reports about the meeting. "We have the meeting scheduled unless there is any change. They will be discussing about the elections," he said.
Ms Bhutto has already said that her party will participate in the election scheduled for January 8 but Mr Sharif has said the polls would be meaningless unless the judiciary is restored.
The proposed meeting will be the first between the two key players in Pakistan politics since their return from exile.
In another report, the EC on Saturday rejected the candidacy of Shahbaz Sharif, brother Nawaz Sharif, because of pending criminal charges against him