Labour MP Jack Straw has insisted he has done "nothing wrong" after being covertly filmed apparently offering to use his influence in return for money.
Mr Straw and Sir Malcolm Rifkind are facing allegations of being involved in a new "cash for access" scandal following a joint investigation by the Daily Telegraph and Channel 4's Dispatches.
Reporters claiming to represent a Hong Kong-based communications agency called PMR contacted the MPs to say they were seeking to hire senior British politicians to join the company's advisory board.
At one meeting, Mr Straw is alleged to have described how he operated "under the radar" to use his influence to change EU rules for a commodity company which paid him £60,000 a year.
The newspaper reported he claimed to have used "charm and menace" to convince the Ukrainian prime minister to change laws on behalf of the same company.
Sir Malcolm is said to have claimed he could arrange "useful access" to British ambassadors.
He also described himself as "self-employed", and added "nobody pays me a salary".
Both of the MPs have referred themselves to the Parliamentary Commissioner for Standards in light of the claims.
Mr Straw, who has also suspended himself from the Labour Party, told Sky News he was "mortified by the fact that I'd fallen into a trap", and insisted he was discussing what he might do when he stands down as an MP in May.
He said: "I also want to emphasise that in the 36 years I have been a Member of Parliament, I have acted with great probity, and I believe integrity as well, and I shall continue to do that in the future."
Mr Straw went on to add: "If I've done something wrong, it would be appropriate to resign, but I've done nothing wrong at all."
Sir Malcolm told Sky the allegations were "completely unfounded" and vowed to "fight them all the way".
He said: "I wasn't embarrassed by them.
"I was annoyed, very angry, because when your reputation is being attacked that is something you hold dear to.
"I've been in public life for a long time, I know what is permitted, what is proper, and that's what I stick to."
Sir Malcolm, who chairs the parliamentary committee which oversees Britain's intelligence agencies, said he offered to answer the allegations on the programme, but Channel 4 refused.
Sky's Deputy Political Editor Joey Jones said: "The first thing to ask is of course whether the law might have been broken and I don't think there's anything that stacks up in that sort of way in the detail of the allegations that are laid out.
"The other is whether any parliamentary rules might have been broken and there it does get murkier, because clearly the fundamental issue is whether or not influence has been brought to bear to try to influence government policy, that is the sort of thing that brought people down in the past.
"Well it's not along those lines exactly, but Jack Straw does talk about the fact that he met the Ukrainian prime minister to try to persuade him to change European Union regulations."
Sir Alistair Graham, a former standards commissioner, has told Sky News "there are serious questions" for the Parliamentary Commissioner for Standards to answer.
Labour leader Ed Miliband has written to Prime Minister David Cameron, calling on him to ban MPs from holding paid directorships and consultancies.
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