Liberal Party stalwart and former Victorian premier Jeff Kennett does not believe that his party is in a "panic" about One Nation and has predicted closer alignment with Pauline Hanson's party in Parliament.

Mr Kennett has also attacked conservative Liberal Senator Cory Bernardi who was reportedly thinking of splitting from the party, saying the outspoken senator was not worth the paper his name was written on.

"He has no record of note in politics; he has hidden under the umbrella of the Liberal Party for years and, if he was to walk down the main street of Melbourne, Sydney or Brisbane, not one person would recognise him," Mr Kennett told ABC morning radio.

"This is an individual who, for some ego-driven reason, believes he has the answers to the world; he does not."