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Though no official agenda of the meeting has been released, the council of ministers is likely to discuss the Sutlej Yamuna Link (SYL) canal issue, they said.
The meeting came a day after the Supreme Court asked the BJP-led Centre to survey the portion of land in Punjab that was allocated for the construction of a part of the canal in the state.
All political parties in Punjab asserted on Wednesday that the state does not have a single drop of additional water to share with any other state.
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A discussion on the appointment of the new advocate general is also expected to take place at the emergency meeting of the Punjab cabinet.
During the hearing in the SYL matter on Wednesday, the apex court asked the Centre to survey the portion of land in Punjab that was allocated for the construction of a part of the SYL canal in the state and make an estimate about the extent of construction carried out there.
A bench headed by Justice Sanjay Kishan Kaul also asked the Centre to actively pursue the mediation process in order to resolve the festering dispute between Punjab and Haryana over the construction of the canal.
The SYL canal was conceptualised for effective allocation of water from the Ravi and Beas rivers. The project envisaged a 214-km canal, of which 122 km was to be constructed in Punjab and 92 km in Haryana.
Haryana has completed the project in its territory but Punjab, which launched the construction work in 1982, shelved it subsequently.