'Have to make up our mind about that' - Winston Peters says party still to decide on who to go with

NZ First leader Winston Peters is not giving away any hints of which way he will go when he makes his long-awaited announcement this afternoon.

In an interview with Newstalk ZB last night, Peters said his party still hadn't decided whether they back a coalition with National or a Labour Party backed by the Greens.

"The reality is we have to make up our mind about that," he said.

Nearly four weeks on from the election, and after weeks of negotiation talks, Peters says he believes the party is coming to a consensus on a coalition in a "timely manner".

"We've got options and tomorrow we'll eliminate those and come to a decision," he said last night.

"We are not making the decision by ourselves and we're not holding the country to ransom.

"The fact is whatever decision we make, we make a majority of Parliament if that is the way we decide to go."

Peters says the discussions have been "substantial" with Labour and National over these last couple of weeks.

He says his team now has all the facts they need to make a decision at some point today.

However, caucus will have a final look at all the information they have and will talk to the Board of NZ First before a final decision is announced.

"I know that others will be saying, but you promised this and you promised that, but the fact is, extenuating circumstances and clarity and certainty are far more important than coming to an agreement in haste and regretting it in the future," he said.

A spokesperson for Bill English last night said National would hold a caucus meeting at 11am today to update MPs on coalition talks, followed by a teleconference with the board.

"We stress that we have had no indication of what decision New Zealand First will make," the National spokesperson said.

Labour will hold a teleconference with its caucus at 11am. However, Labour sources insist this is no indication of any decision.