The CPI(M) Politburo and the CPI Central Secretariat would meet on May 18, two days after declaration of poll results, sources in these parties said.
The future course of action of the two parties would be debated and decisions taken in the context of the political situation in the aftermath of the poll results, they said, adding that the CPI(M) Central Committee and CPI's National Council are likely to meet early June to take a final view.
The Left parties have been campaigning for a non- Congress, anti-BJP alliance, with their leaders saying that such a combination would emerge only after the poll results to block the BJP-led NDA from coming to power.
However, the sources said that all this would depend on the numbers garnered by the regional and Left parties in the Lok Sabha. The CPI(M) had contested 98 Lok Sabha seats in 23 states in these elections.
In 2009, the party had won 16 seats, down from 44 seats it held in 2004. CPI has four members in the 15th Lok Sabha, while RSP and Forward Bloc have two each.
The Left parties have also been critical of the Election Commission on poll-related violence and rigging in West Bengal allegedly by the ruling Trinamool Congress and have sought re-poll in over 3,200 polling booths.