The Conservative Party is due to begin a three-month leadership contest to replace Rishi Sunak this week, with a new leader due to be announced on November 2.
Nominations are set to open on Wednesday, with candidates needing the support of 10 members of parliament to enter the first round of voting.
MPs will narrow the selection down to four candidates, who will then have the opportunity to speak to party members at the Conservative conference which starts on September 29.
MPs will then narrow the field down to two candidates, with the ultimate winner chosen by Conservative Party members in an online vote.
The announcement comes as Mel Stride, an ally of Rishi Sunak, the shadow work and pensions secretary, said he was “considering” announcing his candidacy.
On Monday, Mr Sunak formally stepped down as leader of the Conservative Party, starting the process of electing a replacement.
He will remain acting leader of the party until a successor is appointed.
No one has officially confirmed his candidacy yet.
But other potential leadership candidates include former immigration secretary Robert Jenrick, former home secretaries Suella Braverman and Dame Priti Patel, shadow home secretary James Cleverly, shadow security secretary Tom Tugendhat and shadow communities secretary Kemi Badenoch.
The plans allow up to 11 of the 121 remaining Conservative MPs one week to submit their nominations for the first round, which closes on July 29.
Candidates will also be able to use the summer break, which begins next week, to campaign.
MPs will then begin narrowing the field of candidates through a series of ballots when Parliament returns in early September, narrowing the field to four candidates by the Conservative Party conference at the end of that month.
Voting for party members will close on October 31.
The party said members who had been members for 90 days or more before the polls closed, and were active members at the time nominations opened, would be eligible to vote.
The BBC understands that Mr Sunak had wanted to step down earlier, in order to allow the party to move forward.
But it now looks like he could still stay on while Labour prepares its first budget – which is expected in the autumn.
Sunak said it was in the “national interest” for him to remain in his post to allow a “smooth and orderly transition to a new leader of the opposition”.
“This will allow our party to play its role as the official opposition professionally and effectively,” he said.
“I think this is what is best for the Conservative Party and, more importantly, for our country.”
Bob Blackman, who as chairman of the 1922 Committee of Backbenchers will oversee the selection of the new leader, said he was “determined that our party will hold a respectful and inclusive leadership debate”.
“While there are important discussions to be had about the future of our party, we must remember that the country – and our members – want to see us engaged in proper debate, not personal attacks,” he added.