The parliament, created to serve 14- to 25-year-olds, will probably have between 10 and 12 members, each representing different parts of London.
The members will be selected from youth groups around the capital rather than being elected to their positions.
A panel of four young people will select a project worker for the parliament next month.
The parliament will be part of Freestyle London, a project set up by the Consortium of Lesbian, Gay and Bisexual Voluntary and Community Organisations, in partnership with the London LGBT Youth Work Forum.
Neil Young, project co-ordinator at Freestyle London, said the parliament's formation was driven by the need to give young people a greater say in the delivery of LGBT youth services in the capital.
Comic Relief has provided in excess of 30,000 to fund the parliament for three years.
It is hoped that City Hall, the headquarters of the Greater London Authority, will be used as the venue for meetings of the parliament.
