Suella Braverman has been eliminated from the Tory leadership race after finishing last in the second round of voting.
In the second round of the Tory leadership contest, Kemi Badenoch got 49 votes, Suella Braverman 27, Penny Mordaunt 83, Rishi Sunak 101, Liz Truss 64 and Tom Tugendhat 32.
But who is the current odds on favourite to become the next PM?
Here is everything you need to know about it.
Who has dropped out of the race
Former Health Secretary Sajid Javid dropped out of the race on Tuesday, shortly before the candidate list was confirmed by 1922 Committee chairman Sir Graham Brady.
Priti Patel had also dropped out earlier in the day, while Grant Shapps withdrew his candidacy and threw his backing behind Sunak.
The latest odds
Here are the best odds for each potential candidate at the time of writing, according to Oddschecker:
- Penny Mordaunt - 13/7
- Rishi Sunak - 16/5
- Liz Truss - 25/6
- Kemi Badenoch - 22/1
- Tom Tugendhat - 74/1
How will the next Prime Minister be decided?
James Cleverly, the recently appointed secretary of education, promised on Friday (8 July) that a new Conservative leader will be chosen "professionally but promptly."
Members of the Conservative Party and Conservative MPs both have significant influence in choosing the new leader.
Through a vote process, Tory MPs will narrow the field of candidates down to just two, after which party members will choose which of the two they favour.
A leader who resigns is typically not qualified to run in any upcoming leadership elections, according to the regulations, so it is improbable that Johnson would stand to be leader again.
Following the turbulent events in Westminster, some MPs worry that if Johnson stays in No 10 while the leadership race, which may last for weeks or perhaps months, plays out, there will be "chaos" this summer.
Calls for Deputy Prime Minister Dominic Raab to be appointed as caretaker premier until a permanent replacement is in place have been supported by former Prime Minister, Sir John Major.
As an alternative, he proposed shortening the leadership election process and having Tory MPs choose a new interim leader who would assume office while party members across the nation are invited to endorse their choice.
At a Cabinet meeting on Thursday (7 July), Johnson made an effort to reassure ministers that he would not try to enact any new policies in his remaining term in power, and would leave any significant tax and spending decisions to the future Prime Minister.
However, many in the party remain wary of his motives after he made known his fury at the way he had been driven out by an unprecedented number of ministerial resignations.
Johnson infuriated many MPs during his resignation address on the steps of No 10 by criticising their "eccentric" removal attempt and charging his tormentors with adopting a "herd mentality."