Lord Andrew Adonis has ruled out the possibility of a revised Labour-Conservative Brexit deal.
The Labour peer said it was unlikely that ongoing cross-party talks would result in anything other than a "Tory deal" during an appearance on the breakfast show.
"There isn't going to be a revised deal and that just leaves a Tory deal," he told talkRADIO's Julia Hartley-Brewer. "There isn't going to be any other deal."
He continued: "Therefore, the policy is, by elimination, that you end up with a referendum with an option to remain, and I'm completely comfortable with that because I think it's in the national interest."
The peer's comments follow reports that around 13 former ministers plus the chairman of the backbench 1922 Committee, Sir Graham Brady, have written to the Prime Minister urging her to abandon Brexit talks with Labour.
The signatories were said to include Gavin Williamson, who she sacked as defence secretary, Boris Johnson and Dominic Raab, who claim she risks losing the "loyal middle" of the Tory Party if she gives ground to Labour's demands about entering into a customs union-based deal.
"I don't see a general election coming soon, but if one came I would welcome it," Lord Adonis added.
"I don't think in the real world there's going to be a general election."
Lord Adonis is standing as an MEP in the South West for Labour, alongside candidates from Change UK, the Conservative Party, Green Party, Liberal Democrats, UKIP, Brexit Party, English Democrats and three independents.
To see the full list of candidates, click here.