The disbanded party is slated to start up again as Thai Ruam Thai Party.
"In reference to news reports about my aspiration to lead a party, I deny such speculation as groundless as I have earlier dismissed similar reports," Boonklee said in a statement.
He said he had no interest in politics and would not embark on a political career in the present or the future.
According to speculation by Thai Rak Thai remnants, Boonklee would be installed as the Thai Ruam Thai leader and his two deputies would be Surapong Suebwonglee and Somchai Wongsawat.
Surapong is former spokesman of the Thaksin Shinawatra government and Somchai is Thaksin's brotherinlaw.
Thaksin's chief legal adviser Noppadon Patama said the ousted premier had heard the speculation about Boonklee's future.
"Thaksin has praised Boonklee as a capable person although he is not certain whether the Shin executive will accept to lead a new party," Noppadon said.
Turning to his involvement with Thai Ruam Thai, he said he was ready to work under the new banner in whatever role and position deemed necessary.
Pongpol Adireksarn, a banned party executive, said Thai Rak Thai Group would move ahead with the registration of a new party.
The core group forming the new party would include Thai Rak Thai executives and members who were not affected by the party disbandment, he said.
"Sompong Amornwiwat is tasked to handle the party registration process and will be designated as caretaker leader until the new party's convention to elect its new leader," he said.
He said it was too early to speculate on the Thai Ruam Thai leader, arguing that Boonklee's name was floated to solicit reactions rather than a genuine support for his leadership.
Thai Rak Thai executives have been rallying behind Chaturon Chaisang. They are preparing to take a backseat in the new party to assist colleagues who elude the ban to carry on Thaksin's legacy.
Thai Ruam Thai, if formed and under the soontobenamed leader, is slated to campaign to advance forward policies initiated by Thaksin.
Members of the Chaturon's clique, notably Sutham Saengpratoom and Pongthep Thepkanchana, have been surprised about Boonklee as their new leader.
Pongthep has reminded political observers not to speculate on the new party leader until they have had a chance to review the list of Thai Ruam Thai founders.