The Conservative party said on Monday that it will announce its next leader on November 2, following the historic election loss that led to ex-prime minister Rishi Sunak's resignation.
The election reduced the party to 121 MPs, marking its worst result ever, as the Labour opposition secured a 174-seat majority.
The upcoming leadership contest is considered crucial amid discussions about the party's future direction.
Sunak's successor will become the official leader of the opposition in parliament and will face new prime minister Keir Starmer during the weekly "Prime Minister's Questions."
No candidate has officially declared their candidacy yet, but several potential successors to Sunak have been mentioned for months.
These include former trade minister Kemi Badenoch, ex-interior minister Suella Braverman, former top diplomat James Cleverly, and ex-immigration minister Robert Jenrick.
The 1922 Committee, which manages the party's internal organisation, has set the rules for the race. Candidates can declare their bids until July 29.
The 121 Conservative MPs will then vote twice to narrow the contenders to two finalists, with party members choosing the winner in an online vote in October.
The final result will be announced on November 2.
Sunak will remain the Tory leader until his successor is selected.
Internal disunity contributed to the Conservatives' downfall, with the far-right Reform UK party attracting many of its traditional voters in the July 4 election.
The 1922 Committee chairman Bob Blackman emphasised the importance of a "respectful and thorough leadership debate," stating, "We must remember that the country -- and our members -- want to see us engaged in proper debate not personal attacks."
(With inputs from AFP)
Bob Blackman MP speaks during the event