Basketball champion Andrew Gaze may get a free throw at a political career, with speculation he may replace outgoing Victorian deputy premier John Thwaites in the bayside seat of Albert Park.

Liberal sources say the party may not even stand candidates for by-elections in Albert Park and former premier Steve Bracks' seat of Williamstown, News Limited newspapers report.

Mr Bracks and Mr Thwaites shocked Victorians by both resigning last Friday.

Mr Thwaites held his seat by a margin of almost 10 per cent, while Mr Bracks had a 25 per cent margin in Williamstown.

Municipal Association of Victoria president Dick Gross, a former mayor of the City of Port Phillip, which covers Albert park, and Gaze are being considered to stand in Albert Park, News Limited said.

Gaze confirmed Labor had approached him to run in the 2006 election, but he declined because he was still playing basketball.

He serves on the state government's steering committee to develop a human rights charter and has spoken at Labor and Liberal functions but confirmed Labor was "where my political bias stands".

Gaze did not rule out standing for the seat.

"I haven't given it a second of consideration. I couldn't say no or yes," he told News Limited.

He would require special dispensation to run, because he is not a current Labor member.

The Liberal party's administrative committee will meet to decide if it will stand candidates for the by-elections or save the $250,000 it would spend on the elections, which it was likely to lose.

Liberal Party state director said only the party was considering its options but a source told News Limited: "The will is not there to contest".

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