The process for choosing the next Prime Minister has been revealed by the Conservative Party.

There will be a new PM by next Friday but it could be as soon as Monday.

Following Liz Truss’ resignation, the party announced there would be a leadership contest.

READ MORE: Dizzy Lizzie: 44 head spinning days in office for Liz Truss from appointment to resignation

No one has confirmed they will stand but speculation has been mounting about Boris Johnson making a return and other names include Rishi Sunak, Penny Mordaunt, Suella Braverman and Ben Wallace.

Only three will be able to stand this time after the party announced new rules for the contest.

Sir Graham Brady, chair of the backbench 1933 Committee revealed that candidates will need to have at least 100 MPs nominating them.

It means with 357 MPs only a maximum of three can go forward to the voting stages.

Nominations will close on Monday and those standing will take part in hustings, behind closed doors, with MPs and a ballot held to reduce the number to two.

READ MORE:'Utter shambles': Calls for a General Election grow after Liz Truss resigns as Prime Minister

The final two will go forward to an online vote of party members with the result concluded by Friday, October 28.

If there is only one candidate they will be confirmed as party leader without any vote.

In September just 141,000 Tory members took part in the vote which put Truss into Downing Street.

The Tory members choose their new leader, who will become Prime Minister.

The House of Commons Library has detailed the rules for choosing a new Prime Minister.

It states: “If a Prime Minister chooses to resign when their administration has an overall majority (as in 2022 – twice), it is for the party in Government (and their members) to identify who can be chosen as the successor.

“The Prime Minister only formally resigns and recommends a successor to the Monarch once this process is over.”