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Each faction is drawing up its list of supporting MLAs, sources said. Navjot Sidhu held a meeting with six MLAs, including three cabinet ministers, from the anti-Amarinder Singh camp.
Three of the ministers he met are Sukhjinder Singh Randhawa, Charanjit Singh Channi and Tript Rajinder Bajwa.All three had openly rebelled against Mr Singh..
Amarinder Singh also held meetings with party MLAs and MPs at his private farmhouse in Mohali.
Sources said the rebel ministers feel they will be sacked from the ministry. Along with rebel MLAs, they are threatening mass resignations.
Though Mr Sidhu is yet to be officially announced as the state Congress chief, sources said earlier on Thursday that he is likely to replace state party chief Sunil Jakhar.
Two other leaders -- one from the Dalit community and the other a Hindu face -- are likely to be named Working Presidents.
The compromise formula was arrived at after a series of separate meetings between the Gandhis, Mr Sidhu and Mr Singh.
The Chief Minister had met Sonia Gandhi last week, after which he said he would accept "whatever decision is taken by the Congress high command".
The other part of the plan envisages an overhaul of Mr Singh's Council of ministers. Mr Singh is likely to sack Mr Channi from cabinet, along with a few others.
The feud between Amarinder Singh and Navjot Sidhu has been on since the 2017 state elections. Mr Sidhu, who joined the party after a stint in the BJP, hoped to be made Deputy Chief Minister. But the move was reportedly scuttled by Mr Singh.