The new prime minister of the United Kingdom will be announced on September 5.
Conservative MPs will kick off the voting process for a new leader of the party on Wednesday.
Boris Johnson announced last week that he would be resigning after facing pressure to stand down.
Following a meeting of the influential backbench 1922 Committee, it was confirmed that nominations will open and close for the leadership contest on Tuesday.
In order to stand, an MP would need to have the support of 20 of their colleagues.
That process presents a hurdle to lesser-known leadership hopefuls in getting onto the ballot paper.
Any candidate who fails to get at least 30 votes in the first ballot of MPs on Wednesday is expected to drop out.
A second ballot will then take place on Thursday, with further ballots due to be held next week.
From there, the candidates list will be whittled down to two names who the party’s members will be able to vote for in a postal ballot.
It will determine who will not only become the next Conservative leader, but the next prime minister of the country.
A final result will be announced on September 5 when MPs return to Westminster following their summer break, 1922 Committee chair Graham Brady stated.
So far, 11 candidates have declared their intention to become the party’s new leader.
They are; Rishi Sunak, Liz Truss, Sajid Javid, Jeremy Hunt, Penny Mordaunt, Nadhim Zahawi, Grant Shapps, Tom Tugendhat, Suella Braverman, Kemi Badenoch and Rehman Chishti.