Mr Michael Portillo was poised to end months of speculation by announcing today or tomorrow whether he will contest the leadership of the Conservative Party.
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Mr Michael Portillo
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Speculation was mounting yesterday that the Shadow Chancellor, the clear bookies' favourite, is to launch a bid to replace Mr William Hague as Tory leader.
Returning from a post-election trip to Morocco yesterday Mr Portillo remained tight-lipped, saying: "We've had a wonderful holiday. It was a great opportunity to think things through. I'll be giving a statement shortly."
A source close to Mr Portillo said he would be "making clear his intentions in the next 48 hours".
The shadow home secretary Ms Anne Widdecombe has already announced she "taking soundings" among Tory MPs to see if she could attract sufficient support to mount a successful leadership bid.
Former Chancellor Mr Ken Clarke said it would be "a week or two at least" before he made up his mind whether to contest the leadership.
Meanwhile Former Conservative Party chairman Lord Tebbit backed Mr Duncan Smith in what was seen by some as a thinly-veiled attack on Mr Portillo's gay past.
In a BBC interview yesterday, the Tory peer described Mr Duncan Smith as a "normal, family man with children."
Bookmakers William Hill slashed odds on Mr Portillo to 1/3 to get the job. A spokesman said they had taken a string of four-figure bets on the Shadow Chancellor.
Mr Duncan Smith is second favourite at 4/1, Mr Clarke 5/1 and Miss Widdecombe 7/1.
PA