Labor frontbencher Anthony Albanese says "not once" has his party discussed preferences with Mr Palmer but the businessman who's looking to re-enter politics says that's wrong.

"That's just not true. I had Senator (Anthony) Chisholm approach me while I was down for the budget in parliament sitting on the floor. He got up. It's all recorded, he came over to see me," Mr Palmer told reporters outside a Brisbane court on Friday.

"He called me on Wednesday when he was with Bill Shorten in central Queensland and he said was it too late to do preferences. It's not true that I wasn't approached by the ALP."

Earlier on Friday, Mr Albanese told the Nine network: "We are not talking to Clive Palmer about preferences, we understand it's a recipe for chaos.

"We know what happened last time Clive Palmer was in parliament, there was absolute chaos."

Australian Associated Press