Queensland could have a Labor government by the end of Wednesday, with Labor Leader Annastacia Palaszczuk saying she will seek permission from the Governor to form a minority government with independent Peter Wellington.

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A small number of seats are undeclared, but Ms Palaszczuk said Labor was on track to win the two it needs, Ferny Grove and Maryborough, or 44 seats.

The LNP looked likely to win a 42 seats, and would need to secure Ferny Grove in a by-election and the support of two Katter's Australian Party MPs to win power.

Counting wraps up on Tuesday, with the seats expected to be declared by the evening.

"I will be speaking to the Governor (Paul de Jersey), and I would expect Campbell Newman to do the honourable thing and resign his commission," Ms Palaszczuk said.

"I am confident over the next few days Labor will be able to form government.

"What we've seen in the last 24 hours is an arrogant attempt by Lawrence Springborg to cling to power."

It is unclear at this stage whether a by-election will be called in Ferny Grove after a candidate was disqualified.

Palmer United Party candidate for Ferny Grove Mark Taverner, who has so far received 1,000 votes, was found to be an undischarged bankrupt therefore ineligible to run in the seat.

The Electoral Commission of Queensland (ECQ) announced on Sunday it would refer the northern Brisbane seat to the Court of Disputed Returns after the seat was declared.

The court will then determine whether to order a by-election.

Mr Wellington said it was unreasonable to expect Queensland to remain in a state of limbo until the outcome of any by-election was known.

"It is farcical for the new leader of the LNP to seek to hold on to power until then leaving the Newman appointed senior public servants to govern the state," Mr Wellington wrote on his Facebook page.

"The Governor has the responsibility to hand the reins of government to whoever is able to deliver the 45 seats and should not be drawn into hypothetical scenarios involving the future of the electorate of Ferny Grove."

Mr Wellington helped former Labor premier Peter Beattie form his first government in 1998 after Labor won 44 seats.

'Governor could opt for longer caretaker period'

Dr Tracey Arklay from Griffith University's Centre for Governance and Public Policy told The World Today the uncertainty over the election outcome was unprecedented.

She said it was up to the Governor to decide what happened next.

"Now the Premier, having lost his seat, that throws up a lot of tricky dilemmas here," she said.

"He'd have to resign his commission to the Governor and then I imagine the Governor would have to decide who he appoints as the premier.

"At this stage the LNP is still the caretaker government, so it's possibly likely that will be (LNP leader) Lawrence Springborg."

Dr Arkley said the Mr de Jersey could make a call on the matter before the court had ruled on whether a by-election would be necessary in Ferny Grove.

Labor MP Jackie Trad, tipped to become deputy Labor leader, said it could take up to six months for a court determination.

She called on the LNP to relinquish control as caretaker government by Tuesday evening, which is the deadline for postal votes to be received.

She said the LNP did not have the numbers.

"This is nothing more than a sneaky, arrogant and hungry grab for power when the will of the Queensland people was clearly delivered," she said.

"It is clear that Campbell Newman as the caretaker premier will not have the numbers in parliament to provide a stable government or to pass legislation, which is the primary responsibility of politicians."

LNP not giving up without a fight

The LNP's parliamentary leader, Lawrence Springborg, would not give up caretaker government during such uncertainty and accused Labor of being power hungry.

Mr Springborg said no party had a clear majority and the LNP would stay on in caretaker government until an outcome was more clear.

Lawrence Springborg was elected LNP leader over the weekend and John-Paul Langbroek as his deputy. ( News Video )

"That is at least what we have to do for the next few days," Mr Springborg told 4BC Radio.

"The Governor then will consider what options are available to him.

"It is wrong for Labor or anyone else to run around tripping over themselves to snatch the keys of the executive building when the result has so far to go to actually be clearly determined.

"People shouldn't jump the gun. You could have the possibility of a government changing in the next few days, then changing again in the next month or so.

"Labor - there is almost an indecent haste and expectation from them that they should grab the keys of government.

"This needs to be properly done."

While the LNP remains hopeful of winning, former premier Rob Borbidge and deputy premier Joan Sheldon have been hired to review the party's disastrous result in the election campaign.

Palmer 'sorry' about Ferny Grove, may field new candidate

Federal MP Clive Palmer has apologised to Queenslanders for running a bankrupt candidate in Ferny Grove, but said he would field another PUP candidate if there was a by-election.

"It's important to keep faith with the people of Ferny Grove and to try to make amends for what we've done," Mr Palmer said.

"So we'll certainly be happy to play a key role there, and of course we will be playing a key role in that election."