May is expected to be out by September after a crunch meeting with the Tories ruling body the 1922 Committee.
Pressure has been building for months from rebels over the PMs handling of Brexit.
Sir Graham Brady confirmed there will be a meeting in June to set out a timetable from her departure form Number 10.
It will come after May is set to bring back her Withdrawal Agreement back to the House of Commons once again to try and finally agree Brexit.
Runners and riders are now beginning to emerge, with Boris Johnson pegged on as the bookies favourite.
LONG WAIT: Boris Johnson has been tipped for years to be a potential Prime Minister (Pic: REUTERS)
“Of course Im going to go for it”
Johnson confirmed today he will be running again for leadership as May met with the 1922.
The MP – who failed to become leader in 2016 – told an event in Manchester: “Of course Im going to go for it.”
He has long been seen as the frontrunner with big support amongst the grassroots Tory.
In a documentary in 2013, BoJo said being Prime Minister "would be a great, great thing to have a crack at", if "the ball came loose from the back of the scrum".
After resigning from his post at foreign secretary he has been critical of May, and now sits with the bookies at 5/2.
SECOND CHOICE: Dominic Raab is favoured by many hard Brexiteers in the Tories (Pic: GETTY)
Dominic Raab is in second place at 6/1, with the former Brexit secretary appearing to set out policies for the future manifesto in an interview on Sunday.
He argued for a new law that would make it illegal to make pregnant mothers redundant, and for a cut to the basic rate of income tax.
"I think the basic rate, taking a penny off that, would be talking to the people who need to know we are on their side," he said.
The interview appeared alongside glossy photos of him and his wife Erika in their home kitchen, and was widely interpreted to be an attempt to boost his popularity in advance of a leadership bid.
He resigned from his role of Brexit secretary last year – becoming the second in the job to do so – and has since been critical of May.
SAFE OPTION: Michael Gove would be seen as a continuity candidate for May (Pic: GETTY) Related Articles
BIG JOB: Jeremy Hunt is the moderate choice for the Conservatives (Pic: GETTY)
Environment secretary Michael Gove comes in third at 8/1 after he also unsuccessfully ran in 2016.
He famously undercut his running mate BoJo by announcing his own leadership bid despite agreeing to back him – later admitting it was “not my finest hour”.
Gove supports the Prime Minister's Brexit deal and has been involved in negotiations to gain backing for it from the Labour Party.
And then in fourth is foreign secretary Jeremy Hunt, who also used a newspaper profile to introduce himself and his family to voters.
He campaigned for Remain, and would be seen as a moderate in a leadership contest – with his odds at 12/1.
TOUGH GUY: Sajid Javid has been cracking down on crime at the Home Office (Pic: GETTY)
Health secretary Matt Hancock and home secretary Sajid Javid both come in at 16/1.
Hancock – who once launched his own app – has been building his profile over the past few weekRead More – Source