Peter Costello has not been offered the job of looking after the $60 billion Future Fund he designed, Deputy Prime Minister Julia Gillard says.
Fairfax reported the former treasurer, who resigned from parliament last week, was earmarked for the job.
"The truth is that no government position has been identified for Peter Costello," Deputy Prime Minister Julia Gillard told ABC television.
"(But) Peter Costello is of course very free and very welcome to put himself forward for opportunities as they arrive."
Mr Costello had devoted many years of his life to public service and has "a political track record of achievement," she said.
"And that deserves a round of appreciation and applause."
Ms Gillard said she would convey that message to him personally when they meet in Israel this week.
The pair are part of a parliamentary delegation that will hold discussions with Israeli leaders.
Treasurer Wayne Swan also said there were no plans to appoint Mr Costello to a position in the running of the Future Fund.
Prime Minister Kevin Rudd raised the possibility last week of using Mr Costello's experience and vast array of contacts after he left politics, but would not be drawn on the specifics of a job offer.
"I have certainly no plans, or the government has no plans to appoint Mr Costello to the Future Fund," Mr Swan told the Nine Network.
"The prime minister last week made a very important point that someone's political background should not necessarily disqualify them appointment to public bodies, if in fact they're qualified.
"(Mr Costello) has put in, over a period of time, a very serious contribution to this country and may well be a candidate for some position in the future."
The Future Fund is responsible for investing its significant assets to cover unfunded Commonwealth superannuation liabilities.AAP
