The 1922 committee of backbench Conservative MPs, which is overseeing the process, proposed that nominations for party leader should open from Wednesday and close at noon on Thursday. This was accepted by the party's board, but it delayed naming the winner from 2 September to 9 September.
Under the party's leadership election rules, a series of hustings would take place before votes from the parliamentary party that will reduce the number of candidates to two. These final two candidates would then be put to the Conservative Party membership, with the winner becoming prime minister following David Cameron’s resignation in light of the UK’s vote to leave the European Union.
If this timetable is confirmed, it means a new leader will be in place ahead of the Conservative party conference that starts on 2 October in Birmingham.
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. It has been reported that he has the support of justice secretary Michael Gove, with whom he campaigned for Brexit.
Home secretary Theresa May is expected to announce that she will stand for the leadership soon. Work and pensions secretary Stephen Crabb could stand, while education secretary Nicky Morgan is also said to be considering a run.
Among the MPs who backed Brexit, Liam Fox and Andrea Leadsom have both been reported to be considering leadership bids.
