Rishi Sunak's replacement as Conservative leader will be announced on 2 November, the Tory party has confirmed.
The party said the former prime minister, who led the Conservatives to their worst-ever defeat on 4 July, will remain acting leader until that date.
Nominations to succeed Mr Sunak will open on Wednesday at 7pm and will close at 2.30pm on Monday.
Following meetings between the Conservative Party board and the 1922 committee of backbench MPs, it has been decided that candidates will need the backing of at least 10 MPs - a proposer, a seconder and eight nominations to proceed to the ballot.
Tory MPs will then narrow down to four candidates, who will make their case to party members at the Conservative conference this autumn.
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The four candidates will then be whittled down to the final two candidates, with the winner chosen by party members.
A number of Conservative MPs have been making noises about standing in the leadership election, including former work and pensions secretary Mel Stride.
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Tap hereThe current shadow work and pensions told Kay Burley on Sky News there was a "reasonable chance" he would run in the race to replace Mr Sunak, saying it was "important for the country that we have a strong Conservative Party".
He is likely to go up against colleagues including shadow home secretary James Cleverly, shadow housing secretary Kemi Badenoch and shadow security minister Tom Tugendhat.
Others who are expected to throw their hat in the ring include former home secretaries Suella Braverman and her predecessor Priti Patel, former immigration minister Robert Jenrick.
Mr Tugendhat is highly regarded among the One Nation group of moderate Tory MPs, while Mr Cleverly is also seen in moderate Tory circles as a candidate who could unify the party.
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Ms Patel, Ms Braverman and Mr Jenrick will all compete for the vote of those on the right of the party.
Jeremy Hunt, the shadow chancellor, has ruled out running for the leadership despite fending off a challenge from the Liberal Democrats in his constituency of Goldaming and Ash.
Mr Sunak said it was in the "national interest" for the party to have a "smooth and orderly transition to a new leader of the Opposition".
"I will stay in post until 2 November and the result of our leadership election.
"This will allow our party to fulfil its role as the official opposition professionally and effectively. I believe this is what is best for the Conservative Party and, most importantly, our country."
He added: "It would be inappropriate for me to make any comment about the leadership campaign or candidates. I am confident that this timetable decided by the party board and the 1922 committee will allow for a thoughtful, professional and respectful contest."
Bob Blackman, the chair of the 1922 committee, said he believed the timetable would allow for "a respectful and thorough leadership debate".
"While there are significant debates to be had about our party's future, we must remember that the country-and our members-want to see us engaged in proper debate not personal attacks," he said.
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