Former Nationals leader Barnaby Joyce has announced he will not stand for the seat of New England again at the end of the current term.

The bombshell announcement comes after reports by the Sydney Morning Herald that the MP had been in ongoing discussions with One Nation about a possible switch.

"I will not be standing for New England again but will complete my term as promised at the last election. I will leave with the greatest of love for all and money in the electorate bank account," he said in the statement.

"I am free to now consider all options as to what I do next.

"I hope that the members understand the unfortunate position I am in and the obvious action after a period of consideration I must take. I wished I had been given more time to consider this and don’t know the motives

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