A dealmaker says National has the upper hand in negotiations, because it can offer seat deals to New Zealand First.

Winston Peters could be asking for National to step out of certain electorates next election, in exchange for his support.

Caniwi Capital founder, Troy Bowker told Mike Hosking that would secure the future of NZ First, which could seal the deal.

"I think there's two seats that possible will be in the midst of the negotiations right now. One of them is Wairarapa, which is Ron Mark's which he contested and the other one is Whangarei."

LISTEN ABOVE AS TROY BOWKER SPEAKS WITH MIKE HOSKING