Chief Minister and TRS president K Chandrasekhar Rao finalised the candidature after consulting the party leaders earlier in the day.
Reddy has been with the party since its interception and was an MLA from the Munugodu constituency from 2014 to 2018.
In the 2018 elections, he contested from the same constituency and was defeated by the Congress Party candidate Komatreddy Rajagopal Reddy with the majority of 22,552 votes.
The upcoming by-election was necessitated after Komatreddy Rajagopal Reddy resigned from the Congress and joined the Bharatiya Janata Party (BJP). He also resigned from his post in the legislature.
Welcoming the announcement, TRS working president and Industries Minister KT Rama Rao expressed confidence in winning the by-election with a huge majority.
Citing a recent survey report, he said the party is ahead by 13 per cent and the BJP and Congress have to fight for the second position. “We have intensified the campaign in Munugodu. All the important leaders were deployed for the campaign.” he further said.
He alleged that the BJP is spending about Rs 500 crores for the election and will be planning to spend even Rs 25,000 to Rs 30,000 per vote.
“Rajagopal Reddy joined in BJP for getting Rs 22,000 crore worth of contract to his company Sushee Infra. People have to think about it. It is a battle between money power and people’s self-respect,” Rao said
While the BJP is yet to announce their candidate officially, Rajagopal Reddy’s candidature has been almost finalised by the party.
Meanwhile, senior Congress leader Palvai Govardhan Reddy’s daughter Palvai Sravanthi will be contest the poll as a Congress candidate.
The Central Election Commission has announced the schedule for the Munugodu by-poll. The nomination process began today and the polling will be held on November 3. The results will be announced on November 6.