Boris Johnson and former finance minister Rishi Sunak led the potential contenders Friday to replace UK Prime Minister Liz Truss who resigned a day earlier after a turbulent 45 days in office.
Johnson, who is reportedly flying back from the Caribbean, has not confirmed whether he will run, but his allies are working to gather support. If he succeeds, it would be quite the comeback for a politician who is both popular and polarizing.
Johnson was forced to step down in July over a number of ethical and financial scandals, including holding official government parties during COVID-19 lockdowns.
"I think he's got that proven track record to turn things around," Conservative lawmaker Paul Bristow said of Johnson on LBC radio, adding that he was "the character the Labour Party fears" as he "can win the next general election." Labour is currently in opposition.
The Conservatives are now polling at their lowest in British history, thanks to months of scandals that culminated in Truss' unfunded plan to cut taxes, which caused a run on the British pound and damaged UK pension funds. She was then forced to execute a series of embarrassing U-turns.
Johnson faces uphill battle
Huge skepticism remains over Johnson's standing within the party.
One of Johnson's former advisers who asked not to be identified told the Reuters news agency that he was unlikely to reach the target, having alienated dozens of Conservatives during his scandal-ridden tenure.
Other Conservative lawmakers threatened to quit the party if he returns as their leader.
Sunak and Mordaunt likely to enter the fray
The other betting favorites are former Treasury chief Rishi Sunak and House of Commons leader Penny Mordaunt.
Sunak, who came second to Truss in a summertime leadership contest, is favored by some as a safe pair of hands who can steady the struggling economy.
He was proven right in his warnings that Truss' fiscal plan threatened the economy, but he remains deeply unpopular with some Conservatives after he helped to trigger the summer rebellion against Johnson.
Mordaunt, who came third in the contest Truss won, is seen as a fresh pair of hands largely untainted by earlier administrations. Mordaunt is the former defense minister under another Tory prime minister, Theresa May, and is popular with the party grassroots.
How will the Conservative Party leadership vote work?
Candidates who want to replace Truss need to get the support of 100 members of Parliament from the ruling Conservatives to enter the race to lead the party and become prime minister.
The party has set a one-week deadline to choose its new leader, having spent the entire summer narrowing down candidates to succeed Johnson in an earlier vote.
This time, nominations will close on Monday afternoon and only three candidates can win enough support out of the 357 Conservative lawmakers.
Political website Guido Fawkes, which is running a tally of declared support, had Johnson at 52, Sunak at 55 and Mordaunt at 19 by midday Friday.
One of these candidates will then be knocked out by a vote by lawmakers who will hold an indicative vote on the final two.
The party's 172,000 members will then get to decide between the two finalists in an online vote with the winner announced by October 28.
The new leader would be the fifth British PM in six years.
Calls for fresh elections grow louder
Whoever takes over the party has a mountain to climb to try to restore or renew the reputation of the Conservative Party, which holds a big majority in parliament and need not call an election for another two years.
Research from PeoplePolling for GB News, suggests that 53% of people would vote for the opposition Labour Party if there was an election tomorrow and just 14% would pick the Conservatives.
The opposition Labour Party led calls for immediate nationwide polls, saying the Conservatives no longer have a public mandate.
"This is not just a soap opera at the top of the Tory party — it's doing huge damage to the reputation of our country," Labour leader Keir Starmer said. "We must have a chance at a fresh start. We need a general election — now.''