Earlier, however the Welsh Secretary, Peter Hain, said voters had shown they were "not willing to trust David Cameron and the Conservatives with government on their own".
"They are not willing to have a majority Labour government either," he conceded to Sky News.
Labour's Jacqui Smith (L) was defeated by Tory candidate Karen Lumley
"Therefore, they are expecting a partnership government and therefore I would hope that the Liberal Democrats would talk to the prime minister and talk to us as Labour cabinet ministers, to see whether we can get a partnership government going, as we have done in Wales."
Shadow schools secretary Michael Gove did not rule out talks with the Liberal Democrats and said Mr Cameron was "happy to talk" to other parties so there was a "strong and stable" Conservative-led government.
And shadow work and pensions secretary Theresa May said Labour had "clearly lost" the election.
"Labour has now lost more seats than they've lost at any general election since 1931, and we, the Conservative Party, have gained more seats at any general election since 1931," she told BBC Radio 4's Today programme.
The Conservative mayor of London, Boris Johnson, said it would be "absolutely insane" if the Tories did not have a "dominant role" in the next government.
"The meat in the sausage has got to be Conservatism, I would say," he told the BBC.
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