Throughout this study, locally rotationally symmetric (LRS) Bianchi type-V space-time is pondered with Tsallis holographic dark energy (THDE) with the Granda–Oliveros (GO) cut-off in the Sáez–Ballester (SB) theory of gravity. A parameterization of the deceleration parameter (Formula presented.) has been suggested: (Formula presented.). The proposed deceleration parameterization demonstrates the Universe’s phase transition from early deceleration to current acceleration. Markov chain Monte Carlo (MCMC) was utilized to have the best-fit value for our model parameter and confirm that the model satisfies the recent observational data. Additional parameters such as deceleration parameter q with cosmographic parameters jerk, snap, and lerk have also been observed physically and graphically. The constructed model is differentiated from other dark energy models using statefinder pair analysis. Some important features of the model are discussed physically and geometrically.