"There is not an iota of truth. Don't believe in rumours. There is no truth whatsoever," he said when asked if he could be the next finance minister.
However, he added that he will always do whatever the government asks of him.
"The people in the government who are running the country, they have to take a view, they have to then decide whom they want to take advice from, do they want advice or they know it, what are the areas they want to pick expertise from, which are the areas they take expertise from," Parekh said in an interview to private news channel CNBC TV18.
However, he added there was no inter-ministerial cooperation and that had caused "the businessman to feel that we need a change, we need a government that works well."
The new government would assume charge with swearing-in of Prime Minister designate Narendra Modi and members of his Cabinet on May 26.