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Several politicians are expected to put their hats in the ring to become the next prime minister.

Online bookmaker Betfair currently has the former home secretary Rishi Sunak as the favourite.

Liz Truss: Prime minister announces resignation after 24 hours of chaos in Westm...

Betfair have announced the favourites to be the next prime minister after Liz Truss resigned today. Picture: Getty Images.

The odds on him being the next prime minister are evens.

The Richmond MP resigned under Boris Johnson’s tenure.

Portsmouth North MP Penny Mordaunt is the second favourite, with odds of 11/5.

The current leader of the House of Commons came third in the last leadership race but garnered a lot of popularity from one side of the Conservative party.

Rishi Sunak. (Photo by Jeff J Mitchell/Getty Images)

According to Daily Mail journalist Tom Cotterill, a source close to Ms Mordaunt said she is ‘100 per cent’ thinking of joining the leadership race, while another source said she was undecided.

Ex-prime minister Boris Johnson is the third in the running on the Betfair sportsbook.

His odds have jumped to 9/2 after Times journalist Steven Swinford reported Mr Johnson was taking soundings about the decision.

Current defence secretary Ben Wallace is at 11/1 while Kemi Badenoch, who ran in the last Conservative leadership race, is at 14/1.

Penny Mordaunt has been named the favourite to replace Boris Johnson as prime minister.

The home secretary Jeremy Hunt, who was brought in to replace Kwasi Kwarteng after the financial chaos caused by the mini-budget, has ruled himself out of the running.

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