Beniwal had won in 2008 on BJP ticket but was suspended from the party in 2012 due to differences with party leader Vasundhara Raje. In 2013, he contested as an independent from Khinwsar and won.
"The new party will be announced during a 'Hunkar Rally' for which the venue is yet to be decided," he said.
Asked if he was in touch with Ghanshyam Tiwari, a six-time lawmaker of the BJP who quit in June to form his own party Bharat Vahini, he said: "Tiwari is also contesting elections against the BJP like us. So post-rally, we will sit together to discuss an alliance.
"If we contest alone, we can win around 50 seats, but if we go for an alliance, we can definitely win around 100 of the 200 Assembly seats in Rajasthan," he claimed.
Beniwal has organised farmer rallies in Nagaur, Barmer, Bikaner and Sikar in which thousands participated.
(With inputs from agencies.)