The call comes as costs for the two favoured approaches soar and estimated time frames for the project drift from 8 to 17 years.
The Restoration and Renewal Client Board committee says that more time is needed to assess the options and a decision should be taken after the general election.
MPs will now be presented with options for repairing the crumbling 19th century palace in 2025, to allow more time for the cost of a rolling maintenance programme to be explored.
The previous option under consideration included:
Full decant option: both Houses moving out for the majority of the works, with the House of Commons prioritised for an earlier return. This would take around 8 years to complete
Continued presence option: House of Lords moving out for the duration of the works while the Commons Chamber and essential support functions remain in the Palace in varying locations throughout the works. Duration 17 years
Estimates of the expected costs of the major project range from £7bn to £22bn.
The enhanced maintenance option is likely to be the most expensive option and take the longest time, with work being done largely without either House having to leave the palace.
But the Committee highlights that the rolling works programme would be easier to scrutinise and offer better cost control.
Its report said that work would likely to be broken down into phases, enabling the programme to be more responsive to evolving needs and requirements of Parliament.
Detailed work on each of the three options, and the costs, risks and benefits associated with them, will be brought to the Houses next year.
