RISHI Sunak is on course to be named Prime Minister TODAY after his main rival Boris Johnson dramatically dropped out - but Penny Mordaunt still thinks she's in with a shot.
The former Prime Minster insisted he had the numbers to go to a vote of the Conservative membership.
But he threw in the towel as MPs broke for Mr Sunak at a rate of more than two to one.
Now the ex-Chancellor is set for a coronation at 2pm UNLESS his other rival Penny Mordaunt manages to drastically improve her supporter base.
Wannabe PMs must have the backing of at least 100 Tory MPs to make the first leadership ballot.
So far Mr Sunak has the support of more than half the parliamentary party at 200, while Ms Mordaunt is stuck on 27.
Her team claim that they have 90 names including MPs who want to stay anonymous.
This morning Penny backer Damian Green said he's "confident" the Commons Leader can hit 100.
He told the BBC's Today programme: "There are a lot of people who weren't declaring publicly what they were doing, indeed, Penny's numbers I know are well above the published figure already even without any of Boris's supporters..."
But as late as this afternoon one of Ms Mordaunt's biggest MP fans urged her to drop out and support Mr Sunak.
Former Minister George Freeman tweeted: "Penny Mordaunt is a huge force for Conservatism; with the life story, vision and courage to help lead a Conservative revival.
"But given the urgent need for Conservative stability and unity this week, I’m urging her to join and back Rishi Sunak today."
Big BoJo supporters Nadhim Zahawi, James Cleverly and Priti Patel defected to team Rishi within minutes of the ex-PM dropping out.
This afternoon the influential European Research Group said it wouldn't endorse either candidate in the race.
The Brexiteer squad are split between the two but insist they will unite behind whoever is victorious.
After peace talks between the rival Sunak and Johnson camps flopped, Mr Sunak was tearing ahead.
Only 60 had publicly declared for Boris — with the ex-PM losing the backing of Brexiteer big hitters including Lord David Frost and Suella Braverman.
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With supporters of Mr Sunak openly vowing to bring down a new Boris government, pals were urging Mr Johnson not to push the contest to a vote of the membership for fear of chaos if he wins.
Defiant to the end, he insisted he could have won, saying: “There is a very good chance that I would be successful in the election with Conservative Party members — and that I could indeed be back in Downing Street on Friday.”
But a Johnson victory risked a constitutional crisis with him winning the backing of the party faithful to be crowned leader — but left being unable to form a government with MPs who wanted him gone.
The shock announcement that he will not officially run came after a scramble to get nominations.
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At the same time his closest friends and allies were urging him to bow out of the race.
But in a final hint he could still yet come back, Boris declared: “I believe I am well placed to deliver a Conservative victory in 2024.”
Responding to his rival bowing out, Mr Sunak said: “Boris Johnson delivered Brexit and the great vaccine roll-out. He led our country through some of the toughest challenges we have ever faced, and then took on Putin and his barbaric war in Ukraine. We will always be grateful to him for that.
“Although he has decided not to run for PM again, I truly hope he continues to contribute to public life at home and abroad.”
MPs who backed Mr Sunak from the beginning of the race praised the former PM for standing down.
Rebel Johnny Mercer tweeted: "It is possible to get through political life without being a s**t - as people are choosing to be now.
"He’s complex, he’s fearless, he’s Boris. And he’ll always be a friend."
Meanwhile, senior Tory Geoffrey Cox said: "A thoughtful, wise and statesmanlike decision by Boris Johnson to withdraw, reflecting the qualities that made so many of us originally put our faith in him 3 years ago. Putting the country and the party first."
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Not all MPs were happy to give either Ms Mordaunt or Mr Sunak their support after BoJo dropped out.
Veteran Tory MP Sir Christopher Chope told the BBC his party is now "completely riven and ungovernable” and joined Labour and the Lib Dems in calling for a general election.