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Government sources said on Wednesday that the National Democratic Alliance has decided on the candidature of Joshi.
Election for the post will be held on May 10. Joshi, who is in Mumbai, is expected to reach New Delhi in the evening to file his nomination.
The decision to field Joshi, a former chief minister of Maharashtra, was taken after talks that Parliamentary Affairs Minister Pramod Mahajan had with Congress chief and Leader of the Opposition Sonia Gandhi on Tuesday.
The meeting was followed by consultations with NDA allies, including Telugu Desam Party chief N Chandrababu Naidu, and other opposition leaders including Samajwadi Party chief Mulayam Singh Yadav.
Petroleum Minister Ram Naik, Tourism Minister Jagmohan and Bharatiya Janata Party chief whip Vijay Kumar Malhotra were also considered for the post, sources said.
The post fell vacant following the death of TDP nominee G M C Balayogi in a helicopter crash in March.
Following the riots in Gujarat and the rejection of its demand for the removal of Chief Minister Narendra Modi, the TDP refused to put up its candidate for the post.
Mulayam Singh Yadav, when asked whether a consensus has been reached over the issue of speakership, said that since Deputy Speaker P M Sayeed was from the opposition, his party would agree with the government's choice.
Sixty-five-year-old Joshi, who hails from Raigad, is associated with the Shiv Sena almost right from its inception more than two decades ago.
Starting from a humble background, Joshi, an educationist, industrialist and builder, went on to become the Maharashtra chief minister in 1995.
He was elected to the 13th Lok Sabha in 1999 and became the minister for heavy industries and public enterprises that year.
PTI
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