Hina Kaware, a second-term MLA from Lanji in Balaghat, has filed the nomination for the Congress while the BJP has fielded its former Minister Jagdeesh Dewra, an MLA from Malhargarh in Mandsaur district.
The voting for the second top post in the Assembly is likely to take place on Thursday.
Both candidates expressed confidence of winning the election.
On Tuesday, Congress' N.P. Prajapati was elected Speaker after BJP members walked out in protest over the Protem Speaker's refusal to let the opposition party propose the name of its nominee for the post.
The BJP had fielded former Minister Vijay Shah for the post.
If any of the candidates don't withdraw their nomination, voting will have to be undertaken to elect the new Deputy Speaker.