The proposals include a two week extension upon the 26 week paternal entitlement that was brought in in April 2012.
"I'm also confident that we have a good case to make on the wider benefits to business - not least from a motivated and flexible workforce," Mr Cable told the BBC.
A woman's right to maternity leave will continue to cover the first eighteen weeks after a child's birth. But there is increasing flexibility for either parent to take leave in blocks of weeks or months in the following thirty weeks.
Vince Cable suggests an extra four weeks can be split equally between the mother and father.
The Department for Business Innovation and Skills has launched a modern workplaces questionnaire investigating opinions on flexible parental leave.
Among the questions is one asking if it is inappropriate for small businesses to be exempt from flexibility provisions. A second considers whether the first eighteen weeks of maternity leave should remain reserved exclusively for mothers.
Earlier this year, the Forum of Private Business (FPB) discussed the proposed idea of parental leave in blocks over a period of time.
"They could potentially switch leave back and forth, causing an administrative nightmare for employers who would have to recruit stand-in employees for just a few weeks or months at a time," the FPB said.
The FPB suggested that there should be a government agency to deal with the administration of the policy for small businesses. They have called for views to be sent to them in order to prepare their response to this consultation process.