This temple is situated in Thirunangur itself. The Moolavar is Sri Narayana in a sitting posture facing east and the Thaayar is Sri Pundareeka Valli. This Narayana is supposed to have come from Bhadrinath.
There is a legend that Sri Narayana made the eleven Sri Rudras as one single Sri Shiva Lingam by inducing each one of the Sri Rudra to go into the Sri Shivalinga. It is also believed this Sri Narayana came in the form of the ten Sri Narayanas, each from a different place.Thiru Mangaiazhwar has sung in praise of this Lord.
Thiru Koshtiyur Nambi who was the Guru of Sage Sri Ramanuja also has come to this temple. This Guru of Sri Ramanuja was the person who gave the Upadesham of Sri Narayana Mantram to Sri Ramanuja.