"I have consistently said that we are ready for an election and our support is subject to a no-deal Brexit being off the table," Xinhua quoted Corbyn as saying to the shadow cabinet on Tuesday morning.
"We have now heard from the EU (European Union) that the extension of Article 50 to January 31 has been confirmed, so for the next three months, our condition of taking no-deal off the table has now been met," he said.
"We will now launch the most ambitious and radical campaign for real change our country has ever seen," Corbyn added.
Corbyn's remarks came hours before the British Prime Minister is expected to table a short bill later Tuesday which would pave the way for his efforts to hold a general election on December 12.
He would need only a simple majority to get this plan through the House of Commons. This will be Johnson's one last effort to send Britain to the polls before Christmas, but it could be thwarted by a fight in parliament over the exact election date.
However, Corbyn did not explicitly say if he would back Johnson's bill in UK Parliament later Tuesday.
On Monday night, Johnson failed to get the two-thirds of lawmakers he needed to secure an early election under existing laws after opposition parties largely abstained in the parliament vote.
( With inputs from IANS )