Speaking to reporters here, Panneerselvam said he had detailed discussions with constitutional experts on the matter.
The Chief Minister said the state government will amend some provisions in the Prevention of Cruelty to Animals Act.
The amendment was drafted on Thursday and sent to the central government on Friday morning.
The ordinance would then be forwarded to President Pranab Mukherjee. After the President’s approval, the ordinance would be sent to Tamil Nadu Governor Ch Vidyasagar Rao.
Once the Governor approves it, the ordinance would be promulgated following which Jallikattu can be held in the state.
The Chief Minister has urged the demonstrators to withdraw their protests.
He also met Prime Minister Narendra Modi in Delhi on Thursday and urged him to promulgate the ordinance.
While Modi assured support to the state government’s steps, he skirted the main demand citing the matter as sub-judice.
“The ban imposed on Jallikattu by the Supreme Court came up for discussion. While appreciating the cultural significance of Jallikattu, the Prime Minister observed that the matter is presently sub-judice,” the Prime Minister’s Office said on Thursday.
“The Centre would be supportive of steps taken by the state Government,” it added.