Marxist Janatha Vimukthi Peramuna (JVP) leader Anura Kumara Dissayanake told reporters that Sirisena indicated to him the move to dissolve the parliament if he is unable to reach agreement with political parties.
Sirisena will meet leaders of political parties not represented in parliament tonight, while he would hold similar talks with members of parties represented in the parliament tomorrow to discuss the electoral reforms.
The crucial talks may lead to early dissolution of the current parliament, political sources said.
However, disagreements between parties may force him to abandon the plan and call for early parliamentary elections.
Sirisena in his 100-day programme had proposed to call fresh parliamentary polls, effectively by April 23.
Smaller and minority political parties have expressed their opposition to the proposed 20th Amendment to the Constitution to change the current electoral system of proportional representation.
They want the elections to be held under the existing proportional representation system.
Sirisena, in the run up to the presidential elections in January, had pledged electoral reforms along with his 19th Amendment to the Constitution pruning excessive powers of the presidency in order to empower the parliament.
After his victory over Rajapaksa, Sirisena took over party leadership but has not been able to persuade the SLFP; a faction in the party wants Rajapaksa back.
The proposed reforms envisage a mix of proportional representation and first-past-the-post, with the number of parliamentary seats to be increased to 255 from the current 225.
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