Prime Minister Boris Johnson is set to announce his resignation as Tory leader following increased scrutiny from MPs over his handling of the Chris Pincher scandal.
Rishi Sunak is currently the running favourite with the bookies to take over as the party's leader and in turn become the next Prime Minister.
Mr Sunak, who stepped down from his post as Chancellor of the Exchequer earlier this week, is currently at odds of 5.2/1 to become the next Tory leader.
Current deputy leader Dominic Raab, who has stood by the PM throughout the mounting pressure, is at odds of 6.4/1, according to Betfair Exchange.
Penny Mordaunt
UK Parliament/Jessica Taylor
Penny Mordaunt, Sajid Javid and Ben Wallace swiftly follow in the odds for the next Conservative leader, with the Defence Secretary currently at 9/1 to take over.
Ms Mordaunt rose to the public eye in 2019, after she was appointed as the UK's first female Defence Secretary before being dismissed by Mr Johnson shortly after becoming PM.
Boris Johnson is to resign from his role as Tory Party leader
Stefan Rousseau
She took a position in Government in a 2020 Cabinet reshuffle, joining the Cabinet Office as Paymaster General.
In 2021, Ms Mordaunt was appointment as Minister of State for Trade Policy in 2021, and is currently the only female MP who is a Royal Navy Reservist.
Nadhim Zahawi, who replaced Mr Sunak as Chancellor of the Exchequer on Tuesday before dramatically calling for the PM to resign earlier today, is at 10/1.
Mr Javid and Mr Sunak's resignation announcements on Tuesday plunged the Government into chaos, sparking more than 50 resignations in recent days.
Mr Johnson was slapped with a spate of resignations, following announcements from Mr Sunak and Mr Javid on Tuesday, who both confirmed they will be leaving their roles with immediate effect.
The PM has spoken to 1922 Committee chairman Sir Graham Brady and agreed to stand down, with a new Tory leader set to be in place by the party conference in October.
A No 10 spokesman said: “The Prime Minister will make a statement to the country today.”
Odds are changing all the time as this story continues to develop.
Rishi Sunak is currently the favourite to take over as Tory Party leader
Daniel Leal