Speaking to the FT, he said a tie-up would not damage Channel 4's public service output.
A merger between the two has gained credence in recent weeks as both Ofcom and Communications Minister Lord Carter prepare to outline proposals for the future provision of public service broadcasting. It is thought that both Ofcom and Carter view a merger favourably.
Although he did not name Five directly, Channel 4 chief executive Andy Duncan last week dismissed the idea of a merger as like "mixing oil and water".
However, Zeiler said: "I see this [merger] as public-private partnership and I strongly believe PPP would work in the TV industry as in other industries," adding: "There is no question that the majority will be held by the Government."
He also insisted that while savings could be generated via a merger, this would not be at the expense of Channel 4's PSB output. He said: "The whole point of it is to run it as efficiently as possible with at least as much PSB programming as now, if not more, without spending more taxpayers' money."
Ofcom will publish its proposals for the future provision of public service broadcasting on Wednesday (21 January). Carter is expected to publish his report next week.
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