The swearing-in of the rest of the cabinet will be decided later after the meeting of the United Democratic Front (UDF) partners, he added.
Chandy was earlier unanimously elected leader of the Congress legislature party by its 38 members. His name has been cleared by party chief Sonia Gandhi for the chief minister's post.
The senior leader later met Governor R.S. Gavai to stake claim for forming the government.
Earlier Sunday, state Congress president Ramesh Chennithala said he had no plans to contest for the chief minister's post and that he supported Chandy to be the legislative party leader.
Chandy assured the people that their trust in the United Democratic Front (UDF) will always be respected.
The UDF won the elections with 72 seats in the 140-member Kerala assembly, only four seats ahead of the Left Democratic Front's 68.
'The slender majority has not dented our confidence. It must be recalled that the C. Achutha Menon ministry (1970-77), which was supported by the Congress, had a majority of only three seats. Despite that the government initiated several path-breaking initiatives,' said Chandy.
'The people have voted for a change and we will not let down their aspirations. We assure them that the UDF will work as a cohesive unit through mutual cooperation,' Chandy added.
There were celebrations in Puthupally, Chandy's home town and constituency after he was named the legislative party leader. Supporters gathered at his home, bursting crackers and sharing sweets.
Chandy has been a legislator from Puthupally since 1970, never losing an assembly election since then.
This time, his victory margin of 33,255 was his highest ever.
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