They are voting today to choose the final two candidates for Conservative leader, and therefore Prime Minister.
The final two will be voted on by party members, with the Conservatives planning to choose a new leader by 9 September.
And bookmakers say that after a dominant performance in the first round of voting, May remains the strong favourite to win out overall.
Energy minister Andrea Leadsom, who has garnered attention in recent days for her refusal to publish her tax returns and claims around her career in finance, is priced at 9/2 by both firms.
Justice secretary Michael Gove, who was last night embarrassed when a supporter texted MPs to urge them away from backing Leadsom, is considered the outsider, at 12/1 with William Hill and 14/1 at Ladbrokes.
Response from Team Gove to leaked Boles Text - statement from Boles pic.twitter.com/LXn6Bq5Ipt— Sam Coates Times (@SamCoatesTimes) July 6, 2016
Ladbrokes head of political betting Matthew Shaddick says: “Confidence seems to have faltered a little in Andrea Leadsom, I think due to her CV issues, but the closing odds on the 2nd ballot suggest she is still a strong odds-on favourite to get the other place on the members' vote.
“Gove is out to 14/1 to be the next leader, but we are still taking some money on him, so I wouldn't totally rule out his chances.”
The party will announce the final two contenders to replace David Cameron after 4pm this afternoon.