Sources said the meeting would take place in the evening, after which discussion will be held by BJP Parliamentary Board, the top decision-making body of the party.
BJP President Rajnath Singh will be meeting Naidu later today before finalising any alliance.
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Talks between the BJP and TDP had failed earlier after the TDP leadership demanded "too many" seats.
The sources said the TDP is keen on an alliance with BJP, but the saffron party's state unit is wary of going with it in Telangana and wants to contest alone. BJP is also of the view that if an alliance is finalised with TDP, it may close the option of post-poll tie-up with other players in the region.
Both Telangana and residual state of Andhra Pradesh -- Seemandhra region--will go to polls in two phases on April 30 and May 7 for electing their new assemblies as well as the 42 Lok Sabha MPs.
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