The list is likely to be announced before Thursday, a party leader said.
The AAP had evaluated the performance of its sitting MLAs, ahead of redistributing the tickets for the February 8 Assembly polls.
According to party sources, the "report card" of each MLA is almost prepared by the party.
"We conducted a performance survey of each MLA on various levels. The survey is almost done," a party leader said.
The surveys, according to the leader, were done on the MLAs' performance, popularity, feedback from workers and image.
"It is very important to know what people are thinking about the leader. We have decided not to repeat the face if the leader has not worked or has a bad image," he said.
The leader also informed that the party is simultaneously also holding a survey for potential new faces. "Another survey is being done where the image of the new faces or the replacements had also been done," he said.
The leader added the list is almost ready and the party can release it anytime.
"There is an issue on a few seats, we are working on them," the leader said, refusing to reveal the seats.
The city will go to polls on February 8, as the tenure of Arvind Kejriwal as Chief Minister is ending next month.
In the 2015 polls, while the AAP bagged 67 of 70 seats, the BJP got the remaining three. The AAP has disqualified five of its MLAs since August 2019 from the Delhi Assembly.
While Anil Kumar Bajpai, Devinder Sehrawat and Kapil Mishra were disqualified for their association with the BJP, Sandeep Kumar was disqualified for having connections with BSP and Alka Lamba was disqualified after she joined the Congress.
The party will have to hunt for new faces for at least 10 seats. However, it may also face the heat from the sitting MLAs. When asked, the leader said: "Everything will be transparent and keeping people in mind."
"When Kejriwal can bring his report card, so should others," the leader said, adding each seat will have an individual face.
"Kejriwal will also contest from one seat - New Delhi Assembly constituency," the party leader said.
The party is also likely to use some of the names from seven of its Lok Sabha candidates. When asked, the leader said it will be revealed when the time is right.
Several Congressmen have joined the AAP in recent times, including Shoaib Iqbal, Vinay Mishra, Ram Singh Netaji and Prahlad Singh Sawhney.
The elections are crucial for all three major parties AAP, BJP and the Congress.
While the Congress is trying to regain Delhi which it ruled for 15 years, AAP is trying to retain power which it got after ousting the Congress.
The BJP too is trying very hard to come back to power after being in the cold since 1998 in Delhi.
While the AAP is using Kejriwal's face for the post of Chief Minister, the BJP and Congress are yet to reveal their chief ministerial faces.
(Nivedita Singh can be contacted at nivedita.singh@.in)
( With inputs from IANS )