A Kent MP is third favourite to become the next leader of the Conservative party - with bookies believing he has a strong chance of being one of the final two candidates.

Nominations for the leadership open today and the contest is understood to be attracting more MPs than expected.

Bookmakers place the Tonbridge MP Tom Tugendhat at odds as short as 4/1, behind Robert Jenrick in second and the early favourite Kemi Badenoch, who is at 9/4.

William Kedjanyi of bookies Star Sports says the Conservative MPs that are left following the party’s heavy defeat in the general election are “less right-wing than the membership”, and therefore likely to favour Mr Tugendhat.

Meanwhile, there will be fiercer competition to win the votes of MPs on the right of the party.

Mr Kedjanyi said: “Tugendhat has a big shout.

“He's already got backing from senior MPs. He's got a strong chance in my view of making the final two.”

Mr Tugendhat has not yet officially declared his hand but media speculation suggests that he will throw his hat in the ring.

If he does, it will be his second tilt at the job after he put himself forward in the leadership contest following the resignation of Boris Johnson.

Then he ran a slick campaign but was eliminated from the contest in the third round after being unable to drum up enough backers to allow him to continue in the contest.

The former soldier served in two wars in Iraq and Afghanistan and entered Parliament as an MP in 2015, where he had a spell as chairman of the Foreign Affairs select committee before being appointed the security minister in 2022.

The contest to be the successor to Rishi Sunak looks likely to attract a wide field of candidates.

Candidates will need at least 10 nominations from fellow MPs before the deadline on Monday.

Tory MPs will then vote to narrow down the field to four hopefuls.

The remaining candidates will make their pitches at the Conservative Party Conference between September 29 and October 2. MPs will then vote again until two candidates remain.

The party membership is scheduled to vote on the final two potential new leaders on October 31.