The coalition could break before its five-year term is up, senior Lib Dem Vince Cable has said.
Ministers have previously insisted the Tory-Lib Dem pairing would last until the 2015 election campaign begins.
But asked by journalists if a separation could happen sooner, Mr Cable said: "It's certainly possible".
The process would have to be led by leader Nick Clegg, he went on, adding: "We have not yet had those conversations."
'Sensitive'
Separately, party president Tim Farron told a fringe meeting at the Lib Dem conference something "apocalyptic" would have to happen to end the partnership early.
"I don't know what exactly will happen, but my view has always been the coalition lasts five years, end of story," he said.
Earlier this year Lib Dem education minister David Laws said the coalition with the Conservatives would last "right up to the wire".
However in a departure from the stated position of ministers and senior party figures, Mr Cable said: "It is obviously a very sensitive one. It has got to be led by the leader.
"We have not yet had those conversations. They are important."
He made the comments at a conference fringe event organised by The Independent newspaper.
Earlier Mr Clegg denied suggestions of a rift with the business secretary over the party's economic policy.
Mr Cable had been expected to miss a key conference debate on deficit reduction.
In the end he arrived in the conference hall one hour into the debate and voted for the leadership's position - although he did not sit alongside his party leader and other ministers.
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