Britain's next Prime Minister will be confirmed on September 5, the chairman of the Conservative Party's powerful committee has announced.
Sir Graham Brady, chairman of the 1922 committee said he hopes the summer's contest will consist of "proper constructive debate", adding it has already been "lively" as candidates have kicked off their campaigns.
In order to stand in the race, candidates will need the backing of 20 MPs, and the support of 30 MPs in order to pass the first ballot on Wednesday evening.
As of 19.45 today, 11 Tories have put themselves forward to replace Boris Johnson, with Penny Mordaunt narrowly leading the race according to poll from Conservative Home (known as the Tory bible).
But Rishi Sunak has the most backing from MPs who have publicly announced their plans to support his leadership.
The former Chancellor is one of three MPs who have at least 20 party colleagues supporting their campaigns so far, alongside Ms Mordaunt and Tom Tugendhat.
Mr Sunak has at least 37 supporters including former housing minister Robert Jenrick and Commons leader Mark Spencer.
Despite having an awkward start to her campaign, Ms Mordaunt has the backing of at least 23 MPs including Andrea Leadsom.
Jacob Rees-Mogg who was considering throwing his hat into the ring has ruled out standing in the leadership race, the Mirror understands.
All 358 Tory MPs will vote in the first ballot on Wednesday, and a second ballot is set to take place on Thursday.
There will be further ballots held next week until the list of candidates is whittled down to a final two.
Sir Graham confirmed the new Tory leader will be announced in eight weeks, but not say when the final vote between two MPs will take place.
With the first ballot just days away, more and more Tories are setting a firmer line on who is getting their support and why.
Labour will table a motion of no confidence in the government tomorrow, with MPs expected to vote on it on Wednesday.
This comes after it was confirmed Boris Johnson will remain PM for another eight weeks.
'Brexit hardman' Steve Baker ruled out supporting Jacob Rees-Mogg, who was considering joining the race, insisting he would not be able to win a general election.
Mr Baker, who is Suella Braverman's campaign manager, told BBC Radio 4’s PM programme: “There’s a danger of fragmentation.
“Kemi Badenoch has decided to stand, I’m afraid as much fond as I am of Kemi, it’s a bit improbable.
“She hasn’t been in the Cabinet; Suella has been in the Cabinet and without Cabinet experience it’s difficult to see that somebody – while we’re in power – should become prime minister."
The outgoing Prime Minister Boris Johnson refused to publicly say who he is backing in fear of ruining their chances.
He told reporters on Monday: "There’s a contest under way and it’s happened, and, you know, I wouldn’t want to damage anybody’s chances by offering my support.
“I just have to get on and, in the last few days or weeks of the job, the constitutional function of the Prime Minister in this situation is to discharge the mandate, to continue to discharge the mandate, and that’s what I’m doing."
Asked if Boris Johnson being removed made his job of winning the next general election easier or more difficult, Labour leader Keir Starmer smiled as he replied: “I’m glad to see the back of him, I don’t think that will come as any surprise.”
Tories hoping to replace Mr Johnson have fought over announcing “fantasy tax cuts”, as one contender struck out at the “poisonous” battle.
Sajid Javid, whose Cabinet resignation began the cascade that forced the Prime Minister out, warned rivals: “This isn’t House Of Cards.”
Mr Starmer accused the Tories of plucking £200 billion of uncosted commitments from the “magic money tree” in an “arms race of fantasy economics”.
Tory former chancellor Lord Lamont warned of the leadership contest descending into a “Dutch auction” and that “unfunded, irresponsible tax cuts” would drive up interest rates.
The Conservative peer told Radio 4’s World At One programme: “I’m increasingly concerned because I think there is a danger that this leadership election is going to descend into a sort of Dutch auction of tax cuts which are not necessarily affordable, not necessarily rightly timed.
