Narayana, who also runs the Narayana group of educational institutions, was inducted into Chandrababu Naidu's cabinet on June 8. However, he is not a member of either House of the Legislative Assembly.
The Legislative Council seat fell vacant on May 21 after sitting Congress member K Veerabhadra Swamy resigned, though his term is up to March 29, 2019.
TDP officials said Narayana is the "obvious choice" for the seat as he has to be elected to the Legislature within six months from June 8.
The Election Commission of India announced the poll schedule to fill the vacancy under the MLAs quota and the formal notification will be issued on August 4.
The last date for filing the nominations is August 11 and the last date for withdrawal is 14th.
Polling, if required, will be held on August 21 and the result will be announced the same day, according to the state Chief Electoral Officer.
TDP expects that Narayana will be elected unanimously given its majority in the 175 member Assembly.

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