Pal, formerly a Congress MP and the Uttar Pradesh Congress chief, had earlier resigned from the Lok Sabha as well as the party.
Pal, 63, has been a three-time legislator and minister in Uttar Pradesh.
Srivastava was earlier offered a ticket by the Samajwadi Party to contest the Kanpur Lok Sabha seat but he opted to join the BJP.
BJP president Rajnath Singh welcomed both to the party.