Spanish law dictates that elections must be held within six months of Article 155 being triggered, but Mr Rajoy said it was imperative that the vote be held much sooner.
Reports say that Spain's interior ministry is preparing take control of Catalonia's Mossos police force and remove its commander Josep Lluís Trapero, who is already facing sedition charges.
The government is also considering taking control of Catalonia's public broadcaster TV3, El País newspaper reported.
How have Catalans reacted?
Catalan Vice-President Oriol Junqueras said Mr Rajoy and his allies had "not just suspended autonomy. They have suspended democracy".
Barcelona Mayor Ada Colau said it was a "serious attack on the rights and freedoms of all, both here and elsewhere" and called for demonstrations.
The president of Barcelona football club, Josep Maria Bartomeu, said the club gave its "absolute support for the democratic institutions of Catalonia chosen by its people".
Catalan protesters
But he called for any reaction to be "civil and peaceful" and said dialogue was the only way to a solution.
Eduard Rivas Mateo, spokesman for the Catalan Socialist party - which supports the Spanish government's stance but also wants constitutional reform - said he could not accept a "harsh application" of Article 155.
But Inés Arrimadas, head of the centrist Ciudadanos party in Catalonia, which is against independence, said holding fresh elections would "restore goodwill and democracy" in the region.
Catalan leader Mr Puigdemont is due to speak at 21:00 local time (19:00 GMT).
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