Palmer United Party senators will form a voting alliance with Australian Motoring Enthusiast Party senator Ricky Muir.
Fairfax Media reports PUP leader Clive Palmer has agreed to vote with the AMEP senator, who will represent Victoria in the Senate.
The partnership between PUP's three senators and Mr Muir is expected to be announced in Sydney on Thursday.
Mr Palmer would not confirm or deny the reports but said the agreement would be something signed "between us together that we will work together and vote together as a team".
"I am sure it will be a sign of solidarity so we have good government in Australia, predictability and certainty - that's what people want," the Queensland billionaire told the ABC.
Mr Palmer says the other figure in this partnership will remain in their own party.
"...because we believe in diversity and I am sure we will be a strong team together," he said.
A recount is under way in the seat of Fairfax, where Mr Palmer ran against LNP opponent Ted O'Brien.