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Saseendran, currently the Minister for Forests and Wildlife Protection, represents the Elathur constituency.
Chacko will meet Chief Minister Pinarayi Vijayan along with Saseendran and Thomas on October 3.
NCP leaders will inform Saseendran's resignation to Chief Minister and LDF on Saturday.
"We also need to take steps to keep the animals inside the forests in tune with the changes in human settlements," Saseendran said.
Both states agreed on four recommendations, including marking major human-animal conflict zones.
The wild elephants were spotted at the oil palm plantations in the Thumboormuzhi area on the Chalakkudy-Athirappilly road.
The MLA and DCC president Mohammed Shiyas were among those taken into custody late on Monday night.
Kerala government's ministerial committee was left dumbstruck by the minor children of a victim of elephant attack.
An all-party meeting has decided to recommend the state government to give Rs 50 lakh compensation to the family of Paul.
Forest minister dismissed the opposition's calls for his resignation and termed it disloyal.