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Mr Joyce also concedes he may no longer be special drought envoy, a role he was given by Prime Minister Scott Morrison last year.
"Although I, like all politicians, have a desire for a portfolio, I understand there are zero prospects of it (a cabinet position)," Mr Joyce told The Australian on Friday.
Nationals leader Michael McCormack and deputy Bridget McKenzie were unanimously re-elected to their roles on Thursday.
Mr Joyce ruled out a tilt at the leadership despite raising the prospect before the election, which was widely expected to be lost by the coalition.
The prime minister will likely finalise his ministry over the weekend ahead of swearing in ceremonies next week.
Key positions are expected to stay the same but the retirements of several ministers means Mr Morrison has spots to fill for ambitious backbenchers.
The Nationals are hoping to have four cabinet ministers, two outer ministries and three more junior frontbench roles.