Nobel laureate Dr Muhammad Yunus has been appointed as the head of the interim government.
President's Press Secretary Joynal Abedin confirmed the information on Tuesday.
The decision was made during a meeting between President Shahabuddin and the coordinators of the Anti-Discrimination Student Movement.
Abedin also mentioned that the remaining members of the interim government will be finalized after consultations with various political parties.
Following the late-night meeting, Nahid Islam, a key coordinator of the movement, addressed journalists outside Bangabhaban saying a list of 15 names for the remaining members of the interim government had been submitted, which included representatives from civil society and student bodies.
He said the list would be finalized after discussions with various political parties and added that they expected the interim government to be formed within the next 24 hours or sooner.
Meanwhile, Prof Asif Nazrul of Dhaka University said: "We are forming this government under extraordinary circumstances. There are constitutional provisions to legitimize it, and those will be followed.
"The duration of the government's term has not yet been decided."
Earlier, a 13-member team from the Anti-Discrimination Student Movement went to Bangabhaban to discuss Bangladesh's current situation and the outline of the interim government.
They went to Bangabhaban at 6pm on Tuesday to call on the president and the chiefs of the three armed forces.