PERM applying with i797 receipt

Hi,
Can we apply for PERM with i797 receipt notice or do we have to wait for h1 approval to apply for PERM? my current h1 extension is in progress and the existing h1b getting expired in mid of march.

PERM/GC is a future job position which has nothing to do with H1B.

Thank you Kalpesh for the useful information.