Labour has had informal talks with other parties since winning half the 60 seats in last week's election.
Its strategy is likely to become clearer on Tuesday following a meeting of the party's AMs.
One new Labour AM, Pontypridd's Mick Antoniw, has called on his party to govern alone with its 30 seats.
Labour increased its tally of seats by four at last week's election, but fell one short of the outright majority it wanted.
Discussions with other parties could involve talks about the roles of the presiding officer and deputy presiding officer, which would affect the balance of power in the Senedd.
The Welsh Liberal Democrats said they had not taken part in any discussions with Labour since the election, while Plaid Cymru said informal discussion had taken place.
In a statement on Monday, a Labour spokesman said voters had made it clear they wanted a "Labour-led government and they wanted Carwyn Jones to be the next first minister".
'Right way forward'"This is accepted by the other political parties in the assembly.
"Informal discussions have been taking place today and over the weekend both inside Welsh Labour and with the other political parties.
"The new Labour group will meet [on Tuesday] to discuss options and agree the right way forward for Wales.
Continue reading the main story Betsan Powys BBC Wales' political editorTuesday will be a day of intense negotiations after which we should have a much better picture of exactly what strategy Labour intend to follow.
It is clear they will seek to form a government alone without any overall majority, but the discussions with other parties indicate they are also exploring whether any other options are open to them.
This could involve persuading other parties to suspend normal rules and nominate a presiding officer and deputy from the opposition parties, in effect creating a two-seat majority for Labour.
This scenario would most likely see the current presiding officer Lord Dafydd Elis-Thomas replaced.
However sources on all sides say things remain in the balance.
"Following that meeting, Carwyn Jones will make a statement to ensure Wales has a stable government in place as soon as possible."The first plenary session of the new assembly is expected to be held on Wednesday.
If Labour decides not to run an administration on its own, it could share power with another party - as it did with Plaid after the 2007 election - or work out a less formal arrangement.
But Mr Antoniw said he opposed going into coalition "and I think we should just go it alone".
"I think it's feasible, it might be tough, but then I don't think people have elected us to have a cosy time," he said.
A Welsh Lib Dem spokesman said Labour was "the largest party and with half the seats in the assembly, Carwyn Jones can form an administration and we expect him to do so".
Plaid had been in coalition with Labour for the four years up to this election.
Plaid leader Ieuan Wyn Jones said: "It's up to them to come forward with any offer that they propose."
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