Candidates to replace Liz Truss as Tory leader will need at least 100 nominations from Conservative MPs, 1922 Committee chair Sir Graham Brady has said.
This will rule out a number of candidates from running, and means the maximum number of people able to stand is three.
During the last leadership election, Rishi Sunak won 137 nominations, Ms Truss 113 and Penny Mordaunt 105.
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“We fixed a high threshold but a threshold that should be achievable by any serious candidate who has a prospect of going through,” Sir Graham said.
Nominations are open from now and will close at 2pm on Monday – with a new leader to be chosen by the end of the week.
The final two candidates will take part in a hustings event organised with news broadcasters, before an online vote for members to choose who they want to lead the party.
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However, Sky’s political correspondent Ali Fortescue said “it could end up being that it doesn’t go to the membership”.
She points out that some MPs don’t want the vote to go to the party membership, given that Ms Truss was their last pick.
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“They know this is a last chance – they won’t be able to go through another prime minister as quickly as this,” she said.
One potential option is that MPs coalesce around one candidate, meaning the contest will be over on Monday if only one person is able to receive enough nominations.
Image: How the Tory Party changes its leader
Sir Graham has already said that the new prime minister will be chosen by Friday 28 October, with Ms Truss to stay on as PM until then.
The last leadership election – triggered by the resignation of Boris Johnson in July – lasted six weeks and involved several rounds of MPs voting and hustings.
Ms Truss officially took over from her predecessor on 6 September, with members favouring her tax-slashing plan for growth over rival Rishi Sunak’s more conservative fiscal policies.
But in an extraordinary turn of events, her short-lived premiership lasted just six weeks.
Ms Truss announced her resignation earlier on Thursday after she met Sir Graham and agreed for a leadership election “to be completed within the next week”.
It means her replacement will be in place before the crucial fiscal statement on 31 October.
After 44 days in the top job, Ms Truss will be the shortest-serving prime minister in modern British political history.
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3:46
Liz Truss’s rise and fall
Her downfall was set in motion by her disastrous mini-budget, which sparked turmoil in the financial markets and forced her to U-turn on the tax-slashing agenda that brought her into office.
In her resignation statement outside Downing Street, Ms Truss said she recognised she could not “deliver the mandate on which I was elected by the Conservative Party”.
MPs call to ‘bring back Boris’
Speculation is mounting about who could replace Ms Truss, with many Conservative MPs calling for Boris Johnson to return.
But any comeback from the ex-PM is likely to be divisive, with other Tories describing such a move as a “fantasy” and “too soon”.
Having been found guilty of breaking his own lockdown laws, he is still the subject of an ongoing inquiry into whether he lied to the Commons over partygate.
Other MPs have thrown their weight behind Mr Sunak, the former chancellor and runner-up in the last leadership race.
Commons leader Ms Mordaunt, who came third, could also be set to throw her hat into the ring.
Sky’s political editor Beth Rigby says Ms Mordaunt is “taking soundings” on the matter.
Sir Keir Starmer, the Labour leader, said the Conservative Party has “shown it no longer has a mandate to govern”, adding that British people “deserve so much better than this revolving door of chaos”.
“Britain is not their personal fiefdom to run how they wish,” he said.
England and Scotland fans have found out where their World Cup group games will be played when the tournament kicks off in June.
England, who are in Group L, will begin their tournament against Croatia in Dallas at 4pm EST (9pm BST) on 17 June. They will then go on to face Ghana in Boston at 4pm EST (9pm BST) on 23 June and Panama in New Jersey, New York, at 5pm EST (10pm BST) on 27 June.
Scotland are in Group C, and their first match will be against Haiti in Boston at 9pm EST on 13 June (2am GMT the following morning).
They will go up against Morocco also in Boston at 6pm EST (11pm GMT) on 19 June and then Brazil in Miami at 6pm EST (11pm GMT) on 24 June.
Fans are expected to rush to sort their travel and accommodation plans now that they know where and when the matches take place.
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2:44
England and Scotland learn World Cup fate
Wales and Northern Ireland have yet to find out if they will qualify.
Wales must face a play-off against Bosnia and Herzegovina in Cardiff, then either Italy or Northern Ireland, if they are victorious.
If they beat these play-off opponents, they will secure their place in Group B alongside Canada, Qatar and Switzerland.
However, Northern Ireland will also be vying to guarantee their spot in the same group if they can beat Italy and then either Wales or Bosnia and Herzegovina.
This breaking news story is being updated and more details will be published shortly.
England are in Group L along with Croatia, Panama and Ghana. Their first match will be against Croatia, who beat them in the semi-finals of the 2018 World Cup in Russia.
Image: Pic: Reuters
Scotland’s first match will be against Haiti, in Group C.
Brazil and Morocco are the other Group C teams – both countries were also in the same opening group as Scotland in the 1998 World Cup in France.
Image: Trump and Infantino at the World Cup draw
Wales have yet to find out if they will qualify as they must face a play-off against Bosnia and Herzegovina in Cardiff, and then either Italy or Northern Ireland, if they are victorious.
If they can overcome these play-off opponents then they will secure their place in Group B along with Canada, Qatar and Switzerland. But Northern Ireland will also be vying and hoping to guarantee their spot in the same group if they can beat Italy and then either Wales or Bosnia and Herzegovina.
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1:20
‘Bring it on!’: Scotland fans react to World Cup draw
The Republic of Ireland also need to get through the play-offs first and are paired against the Czech Republic for their semi-final. Should Ireland win that match, they will need to beat either North Macedonia or Denmark to get to the finals where an opening group containing joint hosts Mexico, South Africa and South Korea awaits.
This was a World Cup draw like no other. Crafted less for the teams but for one man.
The choice of venue. The creation of a new trophy. The closing music act.
Donald Trump was lavished with the adulation he craves by FIFA President Gianni Infantino and feels others unfairly deny him.
Knowing how much being overlooked by the Nobel Committee hurt the US president, there was Mr Infantino with FIFA’s newly-created Peace Prize to hand over. And a medal for Mr Trump to wear.
“This is truly one of the great honours of my life,” he said. “And beyond awards, Gianni and I were discussing this. We saved millions and millions of lives.”
This was all on the stage in front of an audience who turned up to find out who they will be playing at the World Cup.
England handed an undaunting route past Croatia, Panama and Ghana. Scotland paired with newcomers Haiti before tricky reunions from their last men’s World Cup in 1998 against Brazil and Morocco.
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Image: Pic: Reuters
But the show before the draw could even begin – presided over by Rio Ferdinand – took almost as long as a football match, at 87 minutes after the noon kick-off was delayed.
There was a walk of self-promotion to complete – “I guess they have to wait” – before taking his seat in the Kennedy Center. Or the Trump Kennedy Center as the president takes to calling the venue picked 1.5 miles from the White House.
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0:35
England manager Thomas Tuchel reacts to draw
“It was falling apart,” he said, delaying the walk into the auditorium. “And now it’s, it’s pretty much back.”
Mr Infantino could only watch on, beaming, at his friend.
“We had a dead country,” Mr Trump went on, “and now we have the hottest country anywhere in the world”.
There was the awkwardness of being reminded, before receiving the peace accolade, about threats to launch military strikes on Venezuela to stop the drugs trade.
“I did settle eight wars, and we have a ninth coming,” he swatted away the question. “Which nobody’s ever done before. But I want to really save lives. I don’t need prizes.”
But FIFA knew how much he wanted more gold for the collection with the prize.
Image: Donald Trump and FIFA president Gianni Infantino. Pic: Reuters
Image: Pic: Reuters
And for all the mockery and disdain targeted at FIFA, how many sports would relish having the US president spend several hours attending a procedural event determining the placing of teams in groups for a tournament?
How many would dish out the same flattery to secure direct lines to the leader of the nation staging their championship?
Many have benefited from Mr Trump’s stardust and swagger being attached to this spectacle.
Even Port Vale’s most famous fan – Robbie Williams – secured a walk-on role, exceeding his profile this side of the Pond.
And the Village People are reaping the rewards of becoming the unlikeliest of Trump hype acts.
The festivities ended with eyes fixed back up to the presidential seating and the YMCA dance being performed.
This was an afternoon that dispelled any pretence that FIFA keeps a distance from politics. It was unapologetically political. But few speak out in the FIFA world as the redistributed wealth keeps rolling back in their direction.
It would be easy to forget this isn’t entirely America’s World Cup. They’re sharing hosting with Canada and Mexico.
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1:20
‘Bring it on!’: Scotland fans react to World Cup draw
And eventually the spotlight was ceded to their leaders – very briefly – as Mexican President Claudia Sheinbaum and Canadian Prime Minister Mark Carney drew out their countries’ names.
But it did live up to FIFA’s mantra that football can unite the world.
The neighbours were brought together here on a snowy day in Washington. And tensions – often stoked by Mr Trump with Canada and Mexico – thawed in the name of football.