Talking with reporters after a cabinet meeting, Prayut said he will dissolve the parliament in March.
Under Thailand's constitutional rules, this would mean an election will be organised some time in May.
According to the Thai PM, the election date could be May 7.
Last month, Prayut, 68, announced that he will represent the newly-established United Thai Nation Party to run for re-election as the PM. Meanwhile, the current ruling party, the People’s State Power Party - Palang Pracharath Party (PPRP) named Deputy Prime Minister Prawit Wongsuwan as its candidate for the election./.