Former Prime Minister John Key told CNBC that he expects Peters to eventually side with English. “I suspect in the end, he’ll look at the vote and see National really won very comprehensively.”

It’s hard to argue Peters would prop up Labor because “the only argument you could only really use for that is the country wants change, when it clearly showed through the ballot box that it doesn’t want change,” Key continued.

With no clear deadline for Peters to make up his mind, the country remains mired in uncertainty. English, who remains prime minister in the interim, said on Monday that the process “could take weeks.”

“Peters wants to draw this out for as long as he can,” Robert Ayson, professor of strategic studies at Victoria University of Wellington, told CNBC’s “Squawk Box‘ on Monday.

“He knows that once he signs a deal, his power declines to some degree,” Ayson said. “We could be in for ten days, two weeks or maybe even slightly more to get a real sense of what this coalition is going to look like.”

Like Key, Ayson expects Peters to eventually give the nod to National.

It would be “quite difficult” for him to pick Ardern over English as that would mean partnering with the Green Party, which have pledged to work with Labour, Ayson explained. “The Greens and New Zealand Firsts don’t get on terribly well…New Zealand would also be a bit uncertain about the long-term prospects of a Labour-led coalition.”

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