The Tory leadership contest is due to launch on June 10, here's who has a chance of being PM and who doesn't.

BORIS JOHNSON

Odds 8/11 (Bet365)

The clear favourite to take over from Theresa May, Boris does, despite his many foibles, command significant loyalty among the party membership. He may have underperformed as Foreign Secretary and regularly undermined his party leader, but he understands the currency of populist politicking.

Ruth Davidson looks to have already taken her place at his hearth, despite earlier reservations.

Made announcement at business event in Manchester: “Of course I’m going to go for it. I do think there’s been a real lack of grip and dynamism in the way we approached these talks.

“We’ve failed over the last three years to put forward a convincing narrative about how we can make sense of Brexit and how to exploit the opportunities of Brexit.”

DOMINIC RAAB

Odds 6/1 (Ladbrokes)

Former Brexit secretary and arch no-deal advocate, Raab has the backing of prominent party donors. He has not officially confirmed his leadership bid, but there is a “Ready for Raab” Twitter account up and running in anticipation.

Floated the idea of tax cuts during a Telegraph debate: “We should cut the basic rate of income tax by a penny each year as Nigel Lawson did in the 1980s... we, as Conservatives, are defending the enterprise economy and lower and middle-income aspirational working Britain.”

ANDREA LEADSOM

Odds 11/1 (Skybet)

Leadsom’s dramatic resignation as Leader of the Commons came just days before May’s eventual exit. A staunch Brexiteer, she faced ridicule when audio of her depicting an apocalyptic post-Brexit Britain surfaced. She will be keen not to repeat the mistakes she made when running against May back in 2016, when she said she’d make a better PM because she was a mother.

Told Good Morning Britain: “I’ve supported [May] for the last three years to get Brexit over the line and she has said she is going. So yes, I am seriously considering standing. If you’d had a determined Brexiteer [in Number 10] things might have been different and we might have been out by now.”

RORY STEWART

Odds 16/1 (William Hill)

Half-Scottish Stewart’s father was a foreign diplomat, former Black Watch soldier and senior officer in the British secret intelligence service. And Stewart is no stranger to adventure himself. He has trekked across Afghanistan, written bestselling books, served as a Foreign Office official in Iraq and led a cultural charity in Kabul. Stewart also delivered what was described as one of the best speeches in the commons of recent history, about hedgehogs.

Spoke of his intentions on Nick Robinson’s BBC podcast: ‘‘I think it’s important at this time when the Prime Minister has said she’s going to step down to have a voice that’s arguing for being radical – but radical in the centre of British politics, not radical on the extreme right of British politics. A voice that’s prepared to say I do want to bring this country together.”

ESTHER McVEY

Odds 33/1 (Marathon)

A former television presenter, she resigned as work and pensions minister in November following May’s Brexit deal announcement. She launched a new group called Blue Collar Conservatism which would push for the overseas aid budget to be cut from the current level of about £14.5 billion a year to £8.5bn, with the money saved allocated to domestic priorities.

Asked on Talk Radio whether she would run for leader, the MP for Tatton said: “I’ve always said quite clearly that if I got enough support from colleagues then, yes, I would, and now people have come forward and I have that support.”

JEREMY HUNT

Odds 10/1 (Betvictor)

Hunt, who took over from Boris as Foreign Secretary after a torrid and unpopular tenure as Health Secretary, is no stranger to a gaffe, but heavily hinted he would his bid to his local paper on Friday, before the PM’s resignation was even cold.

Told the Farnham Herald: “I’ll make the announcement on my own candidacy at the appropriate time. I think this is a day to remember Theresa May and her duty, her sense of public service, the fact that she has done an incredibly difficult job with enormous integrity, and I think that’s what people up and down the county will be thinking today.

MATT HANCOCK

Odds 20/1 (William Hill)

Hancock replaced Hunt as Health Secretary after the latter was promoted to Foreign Secretary.

Told Sky News: “I’m running for the next Prime Minister because I profoundly believe we need a leader for the future and not just for now.”

PROBABLES

  • Environment Secretary Michael Gove refused to confirm his ambition, telling ITV news on Friday: “ I think today is the Prime Minister’s day and we should thank her for her service.”
  • Home Secretary Sajid Javid is in good shape to contest a leadership campaign from a logistical point of view after securing over £50,000 of backing from major Tory donors.
  • Penny Mordaun, the newly appointed Defence Secretary remains tight lipped on her ambitions.
  • Steve Baker, of the European Research Group, has said he will “consider” becoming Prime Minister “out of respect” for his supporters.