"Thai Rak Thai (TRT) won because we have worked so hard and were dedicated for the past four years and achieved many of our goals, particularly in fighting poverty, which has won the heart of the public," he told reporters as he arrived at the TRT party headquarters.

"It was not a big surprise," he said afterwards of his huge victory.

The win for the immensely popular but controversial leader had been a foregone conclusion. Instead of holding a rally with legions of supporters, he gave an interview to the television network owned by his family.

"I thank the voters for their overwhelming support of my party," Thaksin said.

"If the exit polls are correct, Thai Rak Thai has more than enough seats to set up a one-party government," he said, adding that he still needed to talk with his current coalition partner, Chart Thai.

His statement, broadcast live on Thai television, came as the first early returns began trickling in from constituencies around the country.

Thai television released exit poll results within moments of polls closing at 3:00 pm (0800 GMT) showing TRT had won 399 of the 500 seats in the House of Representatives.

Thaksin was met by a horde of journalists as he arrived at his party headquarters in the high-tech Shinawatra Tower III, which also houses the iTV television network owned by his family.

He was whisked to his office, and then instead of addressing cheering crowds of supporters, gave an interview to iTV.

Thaksin told the network he had not yet decided whether to ask Chart Thai to join his new government.

"If the exit polls are correct, and Thai Rak Thai has 399 seats, and one more party joins us, then we would be totally dominant. In fact, 350 is enough. But I won't say whether I will take Chart Thai or not," Thaksin said.

He said opposition parties were a necessary part of the democratic process, but that "the opposition should not disagree on every issue."

"The constitution doesn't say how many seats must be reserved for the opposition, so I don't understand why the Democrats claim that our popularity makes Thai Rak Thai a parliamentary dictatorship."

Rival Democrats had campaigned seeking only 201 votes, enough to censure Thaksin whom they accuse of running the government like a dictatorship.

But they fell far short of their goal with a projected 80 seats.

"I would like to thank Banyat (Bantadtan)," Thaksin said after the opposition leader conceded defeat.

"I really admire him after watching his press briefing. I admire and respect his spirit as a veteran political figure," he said earlier.

Thaksin played down concerns by critics that his party's overwhelming victory would mean unfettered power and lack of accountability, and offered an olive branch to groups that have been squaring off against him.

"The opposition and academics have gotten to know me much better and they know that I want to work to improve the country," he said.

"I ask everyone to wait and see my work in the next four years.

"Since the election race has ended, I invite everyone -- the opposition, academic critics, and NGOs -- to meet together, face to face.

"I'm willing for everyone to participate and also willing to face scrutiny."