During the meeting, Modi and Shah are likely to give a final shape to the list of MPs who will take oath of office and secrecy along with Modi.
Modi and Shah had earlier held deliberations on Tuesday and Wednesday on the formulation of the new government.
A multi-layered security arrangement will be in place in the city on Thursday, with deployment of around 10,000 security personnel from Delhi Police and paramilitary forces on account of Prime Minister Narendra Modi's swearing-in ceremony which will attended by foreign dignitaries and chief ministers and governors of several states among others.
Quick Response Teams will be deployed at several crucial spots. Snipers will also be deployed atop several important buildings as Modi will visit Rajghat, Sadaiv Atal Samadhi and National War Memorial on Thursday to pay homage, a senior police official said.
"Over 10,000 security personnel from Delhi Police and paramilitary forces have been deployed on account of the swearing-in-ceremony," the official said.
Another police official said over 2,000 security personnel will also be deployed along the route to be taken by Modi and other foreign dignitaries.
The swearing-in-ceremony of Modi and his Council of Ministers is scheduled to take place on Thursday at 7 PM at Rashtrapati Bhavan.
A number of heads of states, heads of governments, constitutional authorities, diplomats, senior political leaders, government officials and media persons are scheduled to attend the ceremony.
A traffic advisory issued a day ahead of the ceremony said several roads in New Delhi district will be closed for movement of public between 4 PM to 9 PM on Thursday and motorists and public were asked to avoid them.
The advisory further said roads including Rajpath - from Vijay Chowk to Rashtrapati Bhavan, Vijay Chowk and adjoining areas including North and South fountain, South Avenue, North Avenue, Dara-Shikoh Road and Church Road will be closed for public between 4 PM and 9 PM.