(Kerry Wall/CBC)

The Liberals are pouring cold water over a media report Monday that says the party has come to terms with the Conservatives on 12-year term limits for senators.

CTV is reporting the Tories are expected to announce the agreement, but the offices of Liberal Leader Michael Ignatieff and Liberal Senate leader James Cowan are saying there's no deal.

Senators currently can serve until they reach the age of 75, when they are required to retire.

The Liberals say they are dead set against the idea of reforming the Senate piece by piece unilaterally. They want the government to either negotiate with the provinces or send a reference to the Supreme Court to validate their unilateral approach.

Back when Bill S-4 on Senate tenure was studied in 2006-2007, the Conservatives had proposed eight-year renewable term limits, while committee Liberals had recommended 15-year, non-renewable terms.

The latest attempt, Bill S-7, died in second reading with prorogation in December. The government is expected to introduce the latest incarnation of the bill later Monday.

UPDATE: And sure enough, here's my writeup of the latest incarnation, which sticks to non-renewable, eight-year term limits, but has been tabled in the House, not Senate, despite the Tories holding a plurality in the upper chamber. Check out colleague O'Malley's liveblog for more of a blow-by-blow account, complete with NDP demo-refo critic David Christopherson  in "full rhetorical flight"!    

Tags: Bill S-4, constitution, elected senators, parliament, Senate reform, supreme court, term limits