Lord Steel
Lord Steel reportedly wants his party to "recharge its batteries and values" after the election (Getty)

A former leader of the Liberal Democrats is reportedly downplaying the idea of another coalition agreement between his party and the Conservatives after the election.

Lord Steel, who led the left-of-centre at the end of the 1970s and throughout much of the 1980s, is apparently privately suggesting that Nick Clegg should shun another deal with David Cameron.

The 77-year-old Scot wants the party to "recharge its batteries and values" after today's vote, The Guardian reported.

The paper also claimed that Steel had not rejected the possibility of some kind of deal with a minority Labour government in a so called constitutional convention (an informal vote agreement).

The yellow outfit are expected to lose a batch of seats after today's election as the latest opinion polls put Clegg's party around 10%, down from 22% in 2010.

But the Liberal Democrats could still be king makers in the event of a hung parliament as Labour leader Ed Miliband has ruled out any kind of deal with the SNP.

Clegg has outlined a number so called "red lines" in the run up to election, which the Tories or Labour would have to commit to if they want to secure an agreement with the Liberal Democrats.

The deputy prime minister, for instance, declared that David Cameron or Ed Miliband would have to promise to pump an extra £8bn ($12bn) per year in to the NHS over the next parliament to gain his support.

But the Liberal Democrat leader has also explained that he would reject a coalition deal with the Tories if such an agreement included support from Ukip.

IBTimes UK will be covering the general election live today and tomorrow as the results and commentary come in. Make sure to follow our dedicated politics Twitter account (@IBTUKPolitics) as Britain decides.