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Australians could know who will be their next prime minister as early as Monday, although one of the key independent MPs is tipping a Tuesday morning decision.
Labor is ahead in the race to form minority government, holding 74 of the required 76 lower house seats - one more than the coalition.
Both sides of politics now need to win over the three rural independents, and Bob Katter, Rob Oakeshott and Tony Windsor will meet in Canberra in a matter of hours to continue their deliberations.
Windsor said the trio also wanted to again meet with Prime Minister Julia Gillard and Opposition Leader Tony Abbott before coming to their final conclusions.
"My guess is that on the basis of all of that we'll make a determination probably tomorrow morning," he told ABC Radio.
But Windsor wouldn't rule out a decision on Monday either.
"Anything can happen," he said, adding he hoped the group all chose the same team so an early election could be avoided.
"I'd hope that we'd all vote in a similar fashion but there is no guarantee of that at all.
"There is a possibility here that we could end up with 75-all ... and I've asked people from both sides of the parliament, `Do you want another election?' and they really run in fear when you suggest that to them."
Oakeshott said he would make up his mind shortly, too.
"Realistically a couple more days at worst and hopefully within 24 hours at best," he said.
One of Mr Oakeshott's considerations is the fact that the Australian Greens will hold the balance of power in the Senate next year, a party Labor is currently working with well.
"The reality is, the Greens are in the house," he said.
"That is a pragmatic reality we all have to get used to - like it or not."
Meanwhile, Katter revealed he recently lunched with Opposition Leader Tony Abbott's chief of staff, and Liberal senator Bill Heffernan - but warned the meeting should not be overanalysed.
"I spent two whole nights at (former Labor prime minister) Kevin Rudd's," he said.
Former federal independent MP Ted Mack believes the trio will side with Labor, because it is more likely to give regional Australia a better deal.
"If there is a Liberal-National government formed, then that government will do its best to get those three out of office because they think that those seats belong to them," he said.
"Whereas if Labor is in government, they know that they can never win those three seats, so they have a vested interest in keeping those three independents in power."
