He'll keep us guessing, which is what he loves to do, but if Labour's current polling translates into votes, Ardern would be a more attractive proposition for him.
John Key's declaration that he couldn't work with Peters in the lead-up to the 2008 election, which saw New Zealand First on the outside of Parliament after it cooling their heels for three years, isn't forgotten by the political granddad. And he sees Bill English tarred with the Key brush.
He's more likely to wrest more out of Ardern than he could out of English - a party after nine years in opposition tends to be a little more generous.
And besides Ardern's lack of government experience can be more than made up for by the man who was cutting his teeth in Parliament before she was even born.
Labour will be more attractive to Peters because it'll now be much easier for it to put the Greens out to pasture, if the electorate doesn't do it for them, which is where Peters would insist they should be.
The poverty strategy by Metiria Turei will come home to roost for the Green MPs themselves if the latest poll translates into votes. Polling below the five per cent threshold, it's now become a struggle for them to even continue putting the Bellamy's tucker on their table.