Talking to media persons, the PTI leader said that the summary for the dissolution has been sent to the governor.
He added "the [governor's] failure to sign the summary in the next 48 hours will result in an automatic dissolution of the provincial assembly."
The decision comes as the PML-Q leader meets PTI chairman Imran Khan at his Zaman Park residence.
The former information minister further said that the Khyber Pakhtunkhwa Assembly will also be dissolved after the dissolution of Punjab Assembly.
He maintained that the elections will be held in 90 days after the dissolution of the assemblies.
According to the PTI stalwart, the party is now in the process of writing to PML-N’s Hamza Shehbaz to ask him for appointing a caretaker government in Punjab.
Parvez Elahi won the vote of confidence of the Punjab Assembly to retain his post as the province’s chief minister, on Wednesday night.
The vote was taken amid a boycott of the session by the opposition and a ruckus in the House, as both sides engaged in an intense war of words.
The opposition had cast doubts on the transparency of the voting process and announced to approach court against the same.
Both PML-Q, allied with PTI, and arch-rivals PML-N earlier claimed to have the required numbers to win the crucial vote of trust.
On the same day, a five-member bench of the Lahore High Court headed by Justice Abid Aziz Sheikh had urged the chief minister to take a vote of trust to bring the prevailing crisis in the province to an end.
Last month, the Lahore High Court reinstated Parvez Elahi, as the chief minister, and his Cabinet after the assurance by the latter that he won’t advise the dissolution of the assembly without securing the vote of confidence first.
The order was passed after the PML-Q leader gave the guarantee to the court, bringing days of intense wrangling to an end.