The newspaper report, however, also suggested a possibility that Advani could be made chairman of the National Democratic Alliance, in case the coalition wins the election.
Parrikar, considered close to Modi, had a few years ago likened the ageing Advani to "rancid pickle".
Incidentally, it was also the Goa chief minister who made the first formal pitch for Modi to lead the party in the 2014 election at the BJP national convention held in Goa last year.
The newspaper report included top BJP leaders like Rajnath Singh (as defence minister), Arun Jaitley (finance) and Sushma Swaraj (external affairs) as possible members of the Modi cabinet, along with Parrikar.