Sources said the review will be done by both the Delhi government and the party.
"The Cabinet reshuffle is on cards," said an AAP leader, but did not give a specific time frame.
"A review of performance of certain ministers was necessary. More importantly, the government has completed a year and this gives us an opportunity to have a performance check of ministers.
"Now that the Assembly session is over, we will start the process of reviewing the performance," the leader said.
The party wants to bring in fresh faces ahead of these two crucial polls, they added.
If the reshuffle takes place, it will be second rejig in a little more than a year.
The AAP had earlier sacked Law Minister Jitendra Singh Tomar after his name cropped up in a fake degree case. Environment Minister Asim Ahmed Khan was sacked over graft charges.
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