Team Anna will end its fast on Friday evening after it decided that it would form a political party, reports said.
Reports stated that Team Anna member Arvind Kejriwal asked people for their suggestions for the name of the new political party.
Kejriwal also urged people to suggest ways to ensure than once elected, the representatives will not become corrupt, reports added.
Politicians and the public had been waiting to see if Team Anna would decide to contest elections which it has now indicated it will.
However, unconfirmed reports stated that if a decision was reached on the Lokpal Bill within the next one and a half years, Team Anna would not contest the 2014 general elections.
“There is nothing wrong with forming a party...we need to provide an alternative to the people,” reports said earlier citing Anna Hazare who added that he himself would not enter politics but “will fight from outside.”
Team Anna wants the government to ensure a new law against corruption, based on the Lokpal Bill.