Earlier, President Recep Tayyip Erdoğan announced plans to hold early presidential and parliamentary elections on June 24.
The decision was reportedly made following a meeting between Erdogan and the Nationalist Movement Party's leader, Devlet Bahçeli, with whom the Turkish president's Justice and Development Party (AKP) has formed an alliance.
The president cited "diseases of the old system" and developments in Syria and elsewhere as reasons to hold early elections.
In a brief speech, Erdogan said there is an "urgency to transition to the new system", adding that elections must be held "to eliminate uncertainties" from the political agenda that are tied to the elections and "make important economic decisions".
However, in a statement on Wednesday the party's General Secretary Aytun Ciray said the party had fulfilled all the obligations needed to take part in the elections.
"We have widely discussed the proposal of Mr. Bahceli in our executive board".
The move, however, allows the leader - criticized for his authoritarian tendencies - to capitalize on nationalist sentiment that is running high following a successful military campaign to drive out Syrian Kurdish militants from the border enclave of Afrin in northeast Syria and ahead of warnings that the economy could be foundering.
The main opposition Republican People's Party (CHP) which now holds 134 parliamentary seats to the 317 of Erdogan's Justice and Development Party (AKP), welcomed the announcement.
Good (Iyi) Party leader Meral Aksener on Wednesday said she will run for presidential elections and will collect 100,000 electoral signatures to be a candidate. The elections had previously been slated for November 2019.
Presidential and parliamentary elections under the country's new system of government were scheduled for November 2019 but will now be on June 24.
The election declaration came as parliament extended for another three months the state of emergency imposed following an attempted coup in July 2016.
"The state of emergency needs to be lifted immediately; you can not hold elections during an emergency rule".
Turkish President Recep Tayyip Erdogan speaks during a press conference at the Presidential Complex in Ankara where he announced the upcoming electoral timetable on April 18, 2018.
Under the new system, the president will be able to prepare the budget and appoint high-level officials, including ministers and judges.