Mr Chalerm told the Bangkok Post in an exclusive interview that if he manages to remain in his post for the next three years, until the end of the government's first term, he will have reached the age of 68 _ and that is the right time for him to bow out of politics.
He said he had spent many years in politics and held many key government positions, and believes he has reached the pinnacle of his political career. The deputy premier said that in his final chapter of public service, he wants to achieve something that will cement his legacy.
He said Prime Minister Yingluck Shinawatra assigned him to oversee the national campaign against corruption and tackle illicit drug trafficking and he has promised to work to the best of his ability to accomplish his tasks.
Known for his sharp tongue and oratory skills, the outspoken politician is famous for his especially entertaining performances during House censure debates, and is always one of the highlights on the House floor.
Mr Chalerm admitted he was not sure if his son, Wan Yubamrung, would follow in his footsteps as an MP. Mr Wan ran for a Bangkok MP seat in the last general election but lost.
''Securing a political post depends partly on luck and fortune,'' he said.
He told the Bangkok Post that Ms Yingluck will not come under any pressure to reshuffle the cabinet in the near future.
The deputy premier said he was confident Ms Yingluck would not reshuffle the cabinet any time soon, partly because no new cabinet members are needed to help with the government's work.
All cabinet ministers are measuring up to their tasks, he said. None have been linked to corruption, he added.
Since coalition parties have not made pressing demands, and the government enjoys public support, a reshuffle is not on the cards, he concluded.
He also expects the Yingluck government to complete two consecutive four-year terms in office, but believes it will be in the government's best interests to be careful about the charter amendment and reconciliation bills.
Mr Chalerm cited a recent Abac poll that showed 83% of respondents still want to give the prime minister a chance to continue her work.
He said 80% of the Abac poll respondents also wanted to see justice for ousted former prime minister Thaksin Shinawatra _ a factor he believes will contribute to the government's longevity in office.
''When the government does not have corruption problems, it is likely the government will complete its first four-year term and then another four years in office,'' Mr Chalerm said.
The deputy PM also warned that the 111 former executive members of the defunct Thai Rak Thai Party who are trying to claim their share of the government's administrative power should stop seeking media attention.
''You may have to wait until after the next election before you return,'' he said.
Mr Chalerm stressed the need for the government to proceed carefully and slowly in efforts to push through the charter amendment bill.
The government may be pressured into dissolving the House of Representatives or petitions may be lodged with the Constitution Court to rule on the charter change process, he warned.
The four reconciliation bills pending deliberation in parliament could also land the government in trouble, he said. The opposition Democrat Party has argued the bills are financially motivated, as their passage could lead to 46 billion baht in seized assets being returned to Thaksin.
Mr Chalerm said his proposed reconciliation bill, which was not put forward by the Pheu Thai Party, steered clear of the asset return issue. His proposal would help Thaksin return home as a free man, he said.
''Any bill that would allow assets to return to Thaksin cannot succeed,'' he said.
Mr Chalerm said politics could heat up next month because Democrat leader Abhisit Vejjajiva and the party's MP for Surat Thani Suthep Thaugsuban face the prospect of being prosecuted for their role in the crackdown on the red-shirt protesters in 2010.
The two men, who were in charge of directing the state response to red-shirt demonstrators, are accused of being responsible for the deaths of 91 protesters and soldiers.
A highly-placed Democrat Party source admitted that Mr Abhisit and Mr Suthep may have to face these allegations when the Department of Special Investigation (DSI) completes its probe into the case.
The DSI would find that Mr Abhisit's and Mr Suthep's orders to security forces to disperse the red shirts were illegitimate, and this would provide grounds for the prosecution to indict the Democrats, the source predicted.