Rishi Sunak is the bookies favourite to become the next Conservative Party leader.
The process has begun to find a new party leader after Liz Truss resigned as Prime Minister amid mounting pressure on Thursday.
During a resignation statement outside No.10, Ms Truss said she would stay on as Prime Minister until a successor is chosen via a leadership election to be held within the next week.
Speaking in Downing Street, she said: “This morning I met the chairman of the 1922 Committee, Sir Graham Brady.
Rishi SunakBen Birchall
Penny MordauntHouse of Commons
“We’ve agreed that there will be a leadership election to be completed within the next week.
“This will ensure that we remain on a path to deliver our fiscal plan and maintain our country’s economic stability and national security.
“I will remain as Prime Minister until a successor has been chosen.”
Mr Sunak is currently odds-on favourite to replace Ms Truss after finishing second in the last leadership race.
Mr Sunak, who was 11/10 after Ms Truss resigned, is now at 4/5 to become the next leader, according to the Betfair Exchange.
While Commons leader Penny Mordaunt, who has urged MPs to ‘keep calm and carry on’ following Ms Truss' resignation, is second favourite at odds of 5/2.
Ben Wallace is at 11/1, while Boris Johnson to make a sensational return as PM is at 28/1.
Theresa May (31/1), Suella Braverman (50/1) and both Michael Gove and Tom Tugendhat (70/1) are amongst the leading eight candidates, according to the bookies.
Betfair spokesperson Sam Rosbottom said: “Rishi Sunak is now odds-on at 4/5 to be the next Tory leader, with his odds being slashed from 11/10 since Liz Truss resigned on Thursday.
“Penny Mordaunt’s odds have also shortened to 5/2 from 7/2 in the past few minutes.
“Jeremy Hunt has ruled himself out of the running to replace Truss, with Ben Wallace 11/1 and former Prime Minister Boris Johnson is 28/1 to make a stunning comeback.”