His chances have been cut from 50/1 to 16/1 to be next Tory leader, according to Oddschecker.
"His growing popularity was bound to affect his chances of becoming the top-dog in the Conservative party," said Oddschecker spokesman Sam Eaton.
"He is still only ninth favourite to replace May so we aren’t getting too carried away, but we do expect these odds to continue to shorten with every quirky Instagram post. Jacob Rees-Mogg has even been installed as 33/1 to become the next Prime Minister, just imagine that…”
Read more: Rees-Mogg on the PM, the EU and gruel
The MP for North East Somerset is currently seeking the chairmanship of the Treasury Select Committee.
Rees-Mogg set out his pitch for the position to City A.M. and said he would want to see the committee address the "unbalanced" relationship between banks and consumers.
"Inevitably, there will be elements of Brexit that will need investigation, economic questions as well as regulatory ones," he added.
"In this area although I have strong views, a chairman has a duty to put those aside to achieve consensus. I value the proper conduct of parliament, so would not seek to make the Treasury Select Committee a megaphone for my own personal position."