 The party of Nawaz Sharif (centre) is in second place |
Speaking to the Wall Street Journal, Mr Musharraf said there was a need to move forward to help bring about a stable democratic government in Pakistan.
Meanwhile the party of late former PM Benazir Bhutto says it is ready to form a coalition with Nawaz Sharif's PML-N.
The main party backing President Musharraf suffered a heavy defeat.
A union of Ms Bhutto's Pakistan People's Party (PPP) with the PML-N of another former PM, Nawaz Sharif, would have more than half parliament's seats.
The president's position has never looked more precarious, the BBC's Chris Morris in Islamabad says.
If a new governing coalition manages to muster a two-thirds majority in parliament, it could call for Mr Musharraf to be impeached.
But Mr Musharraf said that he would try to work with any new government.
"I would like to function with any party and any coalition because that is in the interest of Pakistan," he told the Wall Street Journal.
"The clash would be if the prime minister and president would be trying to get rid of each other. I only hope we would avoid these clashes," the president added.
Mr Musharraf was re-elected to the presidency last October, in a vote boycotted by the opposition as unconstitutional.
He has been a major US ally in the "war on terror" but his popularity has waned at home amid accusations of authoritarianism and incompetence.
The US State Department described Monday's election as a "step toward the full restoration of democracy".
'End of dictatorship'
At a press conference on Tuesday, Ms Bhutto's widower and the PPP leader, Asif Ali Zardari, said his party would "form a government of national consensus which will take along every democratic force".
"For now, the decision of the party is that we are not interested in any of those people who are part and parcel of the last government," he said, seemingly ruling out any coalition with the Pakistan Muslim League's pro-Musharraf wing, the PML-Q.
With votes counted in 258 out of 272 constituencies, the PPP has won 87 seats, according to the Election Commission of Pakistan.
The PML-N, or Pakistani Muslim League-Nawaz, is in second place with 66 seats so far.
Mr Sharif said earlier on Tuesday that he was prepared to discuss joining a coalition with Mr Zardari's party in order "to rid Pakistan of dictatorship forever".
The two parties so far have a combined total of 153 seats in the 272-seat parliament.
President Pervez Musharraf main parliamentary ally, the PML-Q, has already admitted defeat.
The party has come a distant third, with 39 seats so far.
PML-Q chairman, Chaudhry Shujaat Hussain, told Associated Press Television News his party accepted the results "with an open heart" and was prepared to "sit on opposition benches".
Mr Musharraf, who seized power in a bloodless coup in 1999, stepped down as army chief last year, at the urging of his foreign allies.
The parliamentary election has been seen as a key milestone in Pakistan's transition from military to civilian rule.
The election was preceded by months of violence, including the suicide attack that killed PPP leader, Ms Bhutto, in December.
The poll was initially scheduled for early January but was delayed after her assassination.
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