Former chief minister Ashok Gehlot and PCC President Sachin Pilot, both MLAs, are in the race for the top post.
AICC General Secretary Avinash Pande and party's observer K C Venugopal will be present in the meeting and seek opinion of party MLAs.
"The CLP is meeting at 11 am," Pilot said.
The CLP will file a resolution and the observer will apprise party president Rahul Gandhi about the opinion and views of MLAs as well as senior leaders of the party.
The decision will be taken by Gandhi based on the feedback.
A second meeting of the CLP will take place in the evening and the name of the chief minister is likely to be announced then.
The Congress has emerged as the single-largest party in Rajasthan, winning 99 seats, while the BJP got 73.
The Bahujan Samaj Party won 6 seats, CPI(M) 2, Independents 13 and other parties got 6.
The Congress is one short of a simple majority, 100 seats, to form the government in the state.
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