David Cameron has accused the Liberal Democrats of "desperation" after they claimed he admitted he could not win a majority.
Lib Dem peer Lord Scriven - a friend of party leader Nick Clegg - has said the Prime Minister told Mr Clegg in private that the Tories would not get an overall majority.
Mr Clegg refused to be drawn directly on what Mr Cameron had told him but said Tory claims they could win an overall majority were a "big, fat fib".
He told Sky News: "I don't think it's for me to reveal private conversations but I've never met a senior Conservative ever who will tell you privately that they think they're going to win this election outright.
"They're now basically communicating a big, fat fib that they are going to win a majority. They are not. They need 323 seats, they are not going to get 323 seats. Everybody knows that."
The Prime Minister told Sky News: "I think Nick Clegg is becoming increasingly desperate because he knows the truth - which is, there is an inescapable choice.
"On Thursday, people have to choose whether they want me to continue as Prime Minister or do they want Ed Miliband and the SNP, the only other available option.
"My message is: if you vote Lib Dem you are in danger of ending up with Ed Miliband, if you vote UKIP you're in danger of ending up with Ed Miliband."
Lord Scriven is a former leader of the city council in Sheffield, where the Lib Dem leader has his parliamentary constituency, and has been acting as the party's campaign spokesman during the election.