"The Supreme Court has decided to accept the constitutional dispute filed by President Yameen and it would be heard," the court said on Twitter. It later said a hearing will be held on Sunday at 1:00 pm (0800 GMT).
Yameen, whose main political rivals were either in jail or in exile, was unexpectedly beaten in the September 23 election by unity opposition candidate Ibrahim Mohamed Solih, with 58.4 per cent of the vote.
Shareef told reporters in the capital Male that Yameen had called for an annulment of the results and a fresh election.
Yameen had already conceded defeat and reluctantly said he would leave office in November, when his term ends.
But he has been publicly urging his supporters to challenge the results.
"So in light of that, President Yameen decided that the challenge must be filed for the rights of his supporters," he added.
Hamid Abdul Ghafoor, spokesman for the opposition Maldivian Democratic Party (MDP), said Wednesday that the legal challenge was "an attempt by Yameen to create unrest".
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)