Prime Minister David Cameron said he would resign after Britons voted to leave the European Union last week, and earlier the Conservative committee recommended his successor should be in place by September 2 at the latest.
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That would mean nominations opening on Wednesday evening, after a full meeting of the backbench 1922 committee and closing on Thursday lunchtime at 12 noon.
It is expected that former London mayor Boris Johnson, a leading figure in the Leave campaign and favourite for the post, will announce his candidacy shortly.
However, according to reports the Conservatives have now accelerated the process, pledging to find a new leader by September 2.
The victor of the Conservative leadership contest will be announced, with David Cameron potentially handing over the keys to Downing Street the same day. One voice is the Work and Pensions Secretary – a Remainer – Stephen Crabb’.
Cameron has said he wants to see a new party leader in place by 2 October, the start of the Tory autumn conference.
Despite once saying the Health Secretary brief was his “last big job in politics”, Jeremy Hunt is also reported to be among those considering a shot at the leadership.
If there’s only one candidate, the new prime minister will be known immediately, he said.
The International Development Secretary said if Mr Johnson and Mrs May were unable to agree, another pair of MPs from either side of the referendum divide could step forward to “bring Britain back together”.
Meanwhile former defence secretary Liam Fox was the first potential contender to break cover, admitting he is “thinking about” standing to replace Mr Cameron.
The 1922 Committee, which sets out the rules for a leadership election, confirmed the timetable this afternoon.
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A list of nominees will then be whittled down to two candidates in a series of votes by Tory MPs, with the final two then voted on by Conservative members.
