At a rally in the Europe Square, Gachechiladze claimed the exit polls were "false," saying "No justice, no peace." He said he and his supports would continue to protest until justice comes.
There were no immediate comments on his accusation from the Saakashvili camp.
"I hope this demonstration could change the result of the election, and the election could enter into the second round of voting," said Nakhran Beriolze, a 33-year-old marketing manager.
Meanwhile, the Organization for Security and Cooperation in Europe (OSCE), which has observed the elections, said the presidential election met most international standards but had shortcomings.
Significant challenges were revealed and need to be addressed urgently, the OSCE said in a report.
"In Georgia yesterday, democracy took its triumphant step," said head of the observation mission Alcee Hastings, who is a U.S. congressman. But he said "The future holds immense challenges."
Under Georgian law, a 50 percent plus one vote will ensure the victory of a candidate. If no candidate wins in the first round, a second round of voting between the top two candidates will follow two weeks later. The candidate who gets more votes in the run-off wins the election.
Polls and early results showed that Saakashvili is likely to win the country's presidential election held on Saturday.
Saakashvili, who swept to power in 2004, called the snap election following clashes between police and protestors last November and then resigned in order to run as a candidate.
"Georgia has serious social and economic problems. Levan could bring more hope for us," said Godaze Nata who joined the rally with her sister Gogava Nata. She said many of the opposition supporters attending the rally are teachers, artists and doctors.
An official result is expected to be announced at around 0400 GMT.
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