Pornpetch Wichitcholchai, president of the National Legislative Assembly, said in a televised session the prince would be invited to ascend the throne after the cabinet earlier on Tuesday formally asked parliament to begin the process of installing a new monarch.
Members of the assembly stood up during a short parliamentary session and shouted: "Long live the king!"
The prince will have to accept parliament's invitation in order for him to be proclaimed king, according to established procedure.
Defence Minister Prawit Wongsuwan said: "We expect an audience [with the prince] within the next one to two days."
Reuters reported exclusively on October 31 that Thailand was making preparations for the crown prince to ascend the throne on December 1.
The death of the much loved King Bhumibol on October 13 plunged the Southeast Asian nation into mourning. Most Thais have known no other monarch.
King Bhumibol, who was the longest-serving head of state in the world when he died at the age of 88, played a stabilizing role during decades of often violent conflict in Thailand.