The new British prime minister will be announced on September 5, replacing incumbent Boris Johnson, said Graham Brady, chairman of the Conservative Party's backbench 1922 Committee, on Monday.
The first round of voting among Tory MPs (members of Parliament) will be held on Wednesday, he said, adding that contenders will need to receive 30 votes to qualify for the second ballot on Thursday.
The number of contenders will be whittled down to two before MPs break up for the summer recess on July 21, he said.
The final two contenders will then go through a postal ballot of all the Conservative members, numbering around 200,000, over the summer and the winner will become the new Tory leader and UK's next prime minister.
"I am very keen we get this concluded as smoothly, cleanly, and rapidly as possible," said Brady, calling it a "perfectly reasonable" timetable that would allow the postal ballot to take place around the country over the summer.
So far, 11 candidates have launched their bids to become the Conservative Party's next leader, with International Trade Minister Penny Mordaunt, Foreign Secretary Liz Truss, former Chancellor of the Exchequer Rishi Sunak, and former Health Secretary Sajid Javid among the frontrunners.
Most of the contenders have vowed to cut taxes, ranging from corporation tax to income tax, as the cost-of-living crisis continues to bite.
The Tory leadership race was triggered after Johnson was forced to resign on Thursday by an avalanche of resignations of cabinet ministers and other junior government officials in protest against his scandal-hit leadership.
Johnson continues to serve as the caretaker prime minister until a new Tory leader succeeds him.