PDP patron Mufti Mohammad Sayeed said if the 'track-II' talks take some direction, the two parties will firm up a Commom Minimum Programme and then hold a structured dialogue.
Insisting that he was not "power hungry", the former Chief Minister said he wants to bring the state out of a "quagmire" that it is in.
His statement came against the backdrop of a meeting his close aide and MLA Haseeb Drabu had with Governor N N Vohra last evening to inform him about progress in the government formation efforts.
"Once the track two dialogue gets some direction, a structured dialogue or the 'track-I' dialogue on the formation of a Common Minimum Programme will be initiated," he said.
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PDP emerged as the single largest party in last month's Assembly elections by bagging 28 seats in the 87-member House while BJP stood second with 25 seats.
There has been speculation that the two parties have been holding back-channel talks on government formation in the state which is now under Governor's Rule by trying to resolve issues that stand in the way.
"PDP has its conditions and there will be no sell-out on our core ideology including the time-bound revocation of the Armed Forces Special Powers Act (AFSPA) and initiation of dialogue with Pakistan," he said.
AFSPA is said to be one of the main obstacles in the success of the talks as BJP's position on it is exactly opposite to that of PDP.
He also made it clear that his party wants the Chief Minister to be a Muslim as the state is Muslim-majority which must be respected by BJP.