He set the record straight with Farm Weekly about speculation on his immediate future in politics, confirming he has almost a year left before officially retiring.

Mr Chance said he would stand down from State politics on May 21 next year.

But he could be replaced as Agriculture Minister some time later this year, depending on the timing and results of the next State election.

Premier Alan Carpenter will not rule out the possibility of an election being held some time this year before the February 2009 deadline.

An early election could overcome and deflect from the ongoing scandal and inner turmoil that has confronted both major political parties in recent times.

Mr Chance has previously flagged his intention to retire in private but is yet to make any formal public announcement.

Recent speculation over his immediate future intensified among the farming community with suggestions he could be quitting politics earlier than expected.

Mr Chance said the date was fixed on May 21 next year because he had not sought renomination for the Legislative Council that will be dissolved on that date, with new members set to take office the following day.

Mr Chance said there was no possibility of him continuing on beyond that date because it was a fixed term.

But he said he could take an early retirement from the agriculture portfolio.