Rishi Sunak will become the new Prime Minister of the United Kingdom days after the resignation of Liz Truss.
Sunak is now the first British Asian Prime Minister after his only remaining rival pulled out of the Tory leadership contest.
He lost out to Ms Truss in the last leadership contest a few weeks ago.
Liz Truss resigned last week just 45 days after taking over office from Boris Johnson.
According to the BBC, nearly 200 Conservative MPs publicly backed the former chancellor ahead of the nomination deadline on Monday.
Commons Leader Penny Mordaunt dropped out after failing to secure enough support among MPs.
It means Mr Sunak will succeed Liz Truss and become the youngest PM for more than 200 years. He is 42-years-old.
“It is the greatest privilege of my life to be able to serve the party I love and give back to the country I owe so much to,” Sunak told fellow Tory MPs during an address at Conservative Party headquarters.
The Green Party is among the opposition parties which have urged Rishi Sunak to call a general election.
“The country cannot afford more divisive infighting amongst a few elitist Conservatives whose policies are failing people struggling with the cost-of-living crisis,” Green Party co-leader Adrian Ramsay said.
But Sunak has ruled out calling an early general election.
King Charles is expected to formally appoint Mr Sunak.