Sharif made the announcement in a televised speech to the nation ahead of planned opposition protests on Thursday.
"I will ask the chief justice of Pakistan to appoint a three-member panel of judges of the Supreme Court to probe the allegations of rigging in the polls," he said.
The announcement came just one day ahead of the protests planned by cricketer-turned politician Imran Khan and influential cleric Tahirul Qadri.
Khan is agitating against the rigging and Qadri has announced to bring a revolution.
Sharif criticised his rivals for the protest which coincides with the 68th Independence Day of Pakistan.
He said that they want to derail the train of progress by challenging the government through rallies.
Sharif also said that during his 14-month rule, the county has been put on the road to progress. He also mentioned several projects of energy and infrastructure being undertaken by his government.
The prime minister said that he was ready for talks with the rivals to sort out problems.
He also announced that a 33-member parliamentary committee of all parties had been set up to suggest reforms in the electoral laws which will be implemented before the next elections due in 2018.
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