A new prime minister will be in Downing Street by the end of July, according to the Conservative Party.
A statement from the party’s chairman and the backbench 1922 Committee said nominations for the leadership will close in the week starting 10 June.
MPs will then whittle the candidates down to two by the end of June, before party members vote for their choice ahead of Parliament’s summer recess.
The statement praised Theresa May for her “dedication, courage and tenacity”.
Mrs May announced earlier that she will quit as Conservative leader on 7 June, but would continue to serve as PM while a leadership contest takes place.
In the joint statement from Tory MPs Brandon Lewis, Dame Cheryl Gillan and Charles Walker, they said their focus will be on “facilitating a full, fair and frank debate and contest”.
“We are deeply conscious that the Conservatives are not just selecting the person best placed to become the new leader of our party, but also the next prime minister of the United Kingdom,” they said.
“We will therefore propose that the leadership election and hustings involve opportunities for non-members and people who may not yet vote Conservative to meet the candidates and put their questions to them too.”