Theresa May's announcement to Conservative MPs that she is prepared to step down for the second phase of Brexit talks, should her EU withdrawal deal pass, has sparked speculation about who might replace her.

Eastern Daily Press: Matthew Hancock, West Suffolk MP. Photo: Sonya DuncanMatthew Hancock, West Suffolk MP. Photo: Sonya Duncan (Image: Archant Norfolk Photographic © 2015)

The prime minister's decision to tell the 1922 Committee that she 'won't stand in the way' of new leadership has prompted speculation over who will succeed her.

The likes of Boris Johnson, Michael Gove, David Lidington, Amber Rudd, Jeremy Hunt, Sajid Javid, Dominic Raab and Andrea Leadsom, are being mentioned as potential candidates who will make a play to take the helm of the Conservatives once Mrs May is gone.

While the bookmakers have environment secretary Mr Gove, former foreign secretary Mr Johnson and current foreign secretary Jeremy Hunt as their favourites, they are also offering odds on a number of MPs who represent Norfolk and Suffolk.

Health secretary and West Suffolk MP Matthew Hancock is the Norfolk and Suffolk MP with the best chance of succeeding the prime minister, say the bookmakers.

Eastern Daily Press: Mid Norfolk Conservative MP George Freeman Photo: Uk ParlimentMid Norfolk Conservative MP George Freeman Photo: Uk Parliment (Image: UK Parliament)

Described by the Daily Mail as a 'good outside bet', odds of 16-1 are being offered on Mr Hancock by Ladbrokes and Coral, while William Hill have him at 10-1.

Elizabeth Truss, South West Norfolk MP and chief secretary to the treasury, is 66-1, according to Ladbrokes and Bet 365, although earlier this month she insisted she was not thinking about a leadership bid.

Odds of 100-1 are being offered by a number of bookmakers on Mid Norfolk MP George Freeman, a former policy advisor to Mrs May, replacing her as the Conservative leader.

Great Yarmouth MP Brandon Lewis, chairman of the Conservatives, is a 100-1 shot, according to Coral and BetFred, while a number of bookmakers are offering the same odds on Norwich North MP Chloe Smith.

Eastern Daily Press: Great Yarmouth Conservative MP Brandon Lewis Photo: UK ParliamentGreat Yarmouth Conservative MP Brandon Lewis Photo: UK Parliament (Image: UK Parliament)

Brexiteer Jacob Rees-Mogg, said, after Mrs May's promise to resign if her deal goes through: 'The great joy of the Tory Party is it has so many talented people in it. It's like finding a fast bowler in Yorkshire. You just call and one appears.'

Mrs May did not name a date for her departure from 10 Downing Street, but her announcement sets the stage for a likely Conservative leadership election within the coming weeks or months.

Eastern Daily Press: Norwich North Conservative MP Chloe Smith Photo : UK ParliamentNorwich North Conservative MP Chloe Smith Photo : UK Parliament (Image: UK Parliament)