Naidu was chosen at the BJP Parliamentary board meeting here attended by Prime Minister Narendra Modi and other senior party leaders.
The 68-year old Naidu currently holds the portfolios of Information and Broadcasting and Housing and Urban Affairs.
The former BJP president is pitted against Gopalkrishna Gandhi, who was chosen by an alliance of 18 opposition parties, including the Congress.
The electoral college for the August 5 election consists of 790 MPs of the two chambers of Parliament.
Naidu will file his nomination tomorrow at 11 AM, Shah said.Tomorrow is the last day for the filing of nominations.
Meanwhile, soon after the senior BJP leader was chosen as the ruling NDA’s candidate, PM Narendra Modi hailed M Venkaiah Naidu as a fitting candidate for the office of Vice President.
Modi described 68-year-old Naidu as a farmer’s son who “brings years of experience in public life and is admired across the political spectrum”.
He said he has always admired the hardwork and tenacity of Naidu, currently a minister in his Cabinet holding the portfolios of Information and Broadcasting and Urban Development.