I am answering my own question as I have solved the original problem.
The solution is extremely computationally intensive.
Let S be our required expected size of the largest connected component in G(n, p). and let $P_i^n$ be the probability that a graph of n vertices formed from G(n, p) have the largest connected component(s) of size $i$. then
$$S = \sum_{i = 1}^{i = n}iP_i^n$$
Now, for the calculation for $P_i^n$, first choose a set of $i$ vertices and define the below terms
- $f_i$ = the probability that a specific set of already chosen $i$ vertices is connected
- $g_i^n$ = the probability that no vertex from the set of $i$ chosen vertices make an edge to other remaining $(n-i)$ vertices.
Then $P_i^n$ would be
$$P_i^n = \binom{n}{i} f_i g_i^n \sum_{j = 1}^{j = i} P_j^{n - i} $$
This gives a recursive relation for $P_i^n$ (Note that in the summation term would go for $j = i$ and not for $j = i - 1$ as there can be more than one connected component of size i can be possible.
Calculation for $g_i^n$
$g_i$ can be easily calculated as the probability of not forming an edge between two vertices is $1 - p$ and there are total $i * (n - i)$ possible edges which shouldn't be formed, thus
$$g_i^n = (1 - p)^{i(n - i)}$$
Calculation for $f_i$
The calculation of $f_i$ is described here: Exact probability of random graph being connected
$$f_i = 1 - \sum_{k = 1}^{i - 1}f_k \binom{i - 1}{k - 1} (1 - p)^{k(i - k)}$$
The calculation of $f_i$ is also recursive. Overall the exact calculation for the required expectation $S$ is much computationally intensive.
Practically, generating a random set of graphs from the G(n, p) model, and calculating the average size of the largest connected component using DFS/BFS would be much easier than the exact method.