The Conservatives are set to begin a three-month leadership contest this week to replace Rishi Sunak, which is expected to end with the announcement of a new Conservative leader on November 2.
Nominations will open on Wednesday, with candidates needing the support of 10 MPs to advance to the first round of voting.
MPs will narrow the list to four candidates, who will then have the opportunity to address party members at the Conservative conference which begins on September 29.
MPs will then narrow their list to two candidates, with the final winner chosen by Conservative Party members in an online vote.
The announcement comes as Rishi Sunak ally Mel Stride, Secretary of State for Work and Pensions, said he was “considering” announcing his candidacy in the race.
On Monday, Mr Sunak formally resigned as Conservative leader, beginning the process of electing his replacement.
He will remain interim party leader until a successor is named.
No one has yet officially confirmed that he will run.
But other potential leadership contenders include former immigration minister Robert Jenrick, former home secretaries Suella Braverman and Dame Priti Patel, shadow home secretary James Cleverly, shadow security minister Tom Tugendhat and shadow communities secretary Kemi Badenoch.
The plan calls for up to 11 of the 121 Conservative MPs still in the race to have a week to submit their nominations for the first round, which ends on July 29.
Candidates will also be able to take advantage of the summer holidays, starting next week, to mount their campaigns.
MPs will then begin whittling down the field of candidates through a series of ballots when parliament returns in early September, reducing the field to four by the Conservative conference at the end of the month.
Voting by party members will close on October 31.
Only members who have been members for 90 days or more before the close of voting and who were active members at the time nominations for candidates opened will be eligible to vote, the party said.
The BBC understands that Mr Sunak had wanted to step down early, to allow the party to move forward.
But it now appears he could still be in post for Labour’s first budget, expected in the autumn.
Mr Sunak said it was in the “national interest” for him to remain in post to allow for “a smooth and orderly transition to a new leader of the opposition”.
He said: “This will enable our party to fulfil its role as official opposition in a professional and effective manner.
“I believe this is what is best for the Conservative Party and, most importantly, for our country.”
Bob Blackman, who as chair of the 1922 backbench committee will oversee the selection of the new leader, said he was “committed to our party having a respectful and thorough leadership debate”.
He added: “While there are important debates to be had about the future of our party, we must remember that the country – and our members – want to see us engaged in real debate, not personal attacks.”
