Johnson was forced to step down after his handling of sexual assault allegations against former Deputy Chief Whip Chris Pincher
The former PM has stayed on in Downing Street in a caretaker role, until his successor is selected.
The final ballot, where party members cast their deciding vote is due to be held on Friday 2 September, 2022.
Here’s everything you need to know about when the new Prime Minister will be announced.
When will the new Prime Minister be announced?
The new Prime Minister of the UK will be announced on Monday 5 September, 2022.
The candidate who receives the most votes from the Conservative Party’s 357 eligible MPs will become the next UK PM.
Sir Graham Brady, who is chairman of the 1922 Committee of Conservative backbenchers will confirm the result, crowning either Sunak or Truss the winner.
However, there is a chance that the result could be declared sooner, if either candidate decides to drop out of the race.
This is what happened in 2016, when Theresa May won after her opponent Dame Andrea Leadsom withdrew her candidacy stating it was for the “best interests of the country.”
Who is going to be the next Prime Minister?
The next Prime Minister is either going to be former Chancellor Rishi Sunak or Foreign Secretary Liz Truss.
After Johnson announced his resignation, 11 MPs confirmed they would be running for the top job, with only eight receiving the necessary backers.
The final two hopefuls have been battling it out to convince Conservative MPs that they are the best person for the job.
The pair have taken part in head to head televised debates on BBC and Talk TV.
However, Talk TV’s show had to be cancelled live on air after presenter Kate McCann fainted.
When will Boris Johnson leave Downing Street?
Johnson will remain in a caretaking role at Downing Street until 5 September, when his successor is selected.
He outlined these intentions in his resignation speech on Thursday, 7 July.
Johnson said: “I have agreed with Sir Graham Brady that the process of choosing that new leader should begin now, and the timetable will be announced next week. I have today appointed a cabinet to serve - as I will - until a new leader is in place.
“I want to thank you, the British public, for the immense privilege you have given me and I want you to know that from now until the new Prime Minister is in place, your interests will be served and the government of the country will be carried on.”
However, not all Conservatives agreed with this decision.
Former Prime Minister John Major called on the 1922 Committee to remove Johnson and let the Deputy Prime Minister act as caretaker, stating it would be “unwise, and may be unsustainable” for Johnson to remain.
Adding: “The interests of the country must be given priority over all else and, with so many long-term and critical issues before us, an imaginative response – even at the risk of some bruised feelings within the party – is most definitely in the national interest.”
When is the next General Election?
The next general election is not set to be held until January 2025.
This means that whoever becomes the next Prime Minister of the UK, could run the country for three more years, without having been elected by the British public.
An early election may be triggered before then, but can only be called by the PM or if two thirds of MPs agree to it.