Speaking on Radio Capital, Mrs Bonino took the opportunity to talk up her austerity credentials.
She said: “People have compared me to Thatcher, but ours is a realistic plan that takes into account the country’s finances.
“Keeping the road to debt means that sooner or later we will leave Italy bankrupt to our children.”
More Europe is a part of the centre-left coalition which also includes the Democratic Party, Together (Italy) and the Popular Civic List.
But over the weekend, Italian newspaper Corrire della Sera suggested that Mr Berlusconi, who is himself barred from holding public office as a result of a tax fraud conviction, had earmarked her as a potential PM.
Pressed on the subject during her radio appearance, she scoffed at the idea, saying: “Me as PM candidate with Silvio Berlusconi? That’s pure science fiction.
“I do not know anything, and I don’t want to participate in this game.”
Instead, she said she was focused on convinced undecided Italians, adding: “There are two sides here, on one hand a sovereignty group, with Lega Nord and the Five Star Movement, and on the other hand a rather hesitant group on Europe, but certainly more aware that our human and political destiny is within the EU.”
Ms Bonino served as the Italian Minister of International Trade from 2006 to 2008, and more recently as Minister of Foreign Affairs from 2013 to 2014.
A former MEP, she has called for stronger European integration in marked contrast to many on the right of Italian politics including Matteo Salving, leader of the Lega Nord party.
Maurizio Gasparri, a leading figure in the centre-right coalition which comprises Forza Italia, Lega Nord, Brothers of Italy and Us With Italy, said the idea of Bonino as prime minister is like “believing in flying donkeys.”
However, newspaper La Stampa has suggested that the previously Eurosceptic Five Star Movement, which has thus far rejected entering into any coalition agreements, was now considering the possibility of teaming up with the centre left and even More Europe.
(Additional reporting by Maria Ortega)