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His comments follow a TV3 Reid Research poll that found a majority of voters thought Mr Key should work with Mr Peters.
Mr Key told TV3's Firstline today something would have to be offered if his party needed Mr Peters' support and he was prepared to be part of a coalition government.
But he said a role such as foreign minister, which Mr Peters took up under the Labour-led Government, was a lot of hard work.
"Murray McCully's out of the country far more than he's actually in the country and that takes its toll."
Mr Peters might be more comfortable with a racing minister role, he said.
But he said no deals were going to be set in stone this long before the election.
"We've had one political poll and fair enough, they are what they are, but they do move around an awful lot and when I say that, you take very small changes and if your next research poll has National on 45.3 and NZ First on 4 or 4.5, all the dynamics change.
"So we'll do a lot of second guessing between now and election day."