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The next Conservative leader will be announced on 2 November, the party has said.
The person chosen to replace Rishi Sunak will be named just days before the US presidential election, which is on 5 November.
The 1922 Committee has drawn up a timetable for the contest after the party suffered the worst general election result in its parliamentary history.
Mr Sunak will remain as acting leader until 2 November.
Former business secretary Kemi Badenoch and ex-foreign secretary James Cleverly are expected to pitch themselves as candidates aiming to bring the right and centrist wings of the party together after the humiliating defeat on 4 July.
Robert Jenrick, the former immigration minister, and Priti Patel, the ex-home secretary, are likely to represent the right of the party in the contest.
Tom Tugendhat and ex-work and pensions secretary Mel Stride are expected to run as centrist candidates.
Mr Sunak said: “It’s in the national interest for us to have a smooth and orderly transition to a new leader of the opposition, so I will stay in post until November 2nd, and the result of our leadership election.
“This will allow our party to fulfil its role as the official opposition professionally and effectively. I believe this is what is best for the Conservative Party and, most importantly, our country.
“It would be inappropriate for me to make any comment about the leadership campaign or candidates. I am confident that this timetable decided by the party board and the 1922 Committee will allow for a thoughtful, professional and respectful contest.”
The party revealed candidates will need a proposer, a seconder and eight nominations to proceed to the ballot. Nominations will open on 24 July at 7pm and will close at 2.30pm on 29 July.
The party will then narrow the list down to four candidates, who will plead their case to party members at the Conservative Party conference.
The parliamentary party will then whittle it down to the final two candidates, who will then be subject to a vote by Conservative Party members.
The ballot of party members will be conducted via online voting and will close at 5pm on 31 October – the result will be announced three days before the US election.
Bob Blackman, chairman of the 1922 Committee, said: “I am determined that our party will have a respectful and thorough leadership debate. I believe that this timetable will allow for this.
“While there are significant debates to be had about our party’s future, we must remember that the country – and our members – want to see us engaged in proper debate, not personal attacks.
“I am confident that this process will allow for this.”
The general election saw the Tories reduced to 121 MPs and the party faces a battle to see off the threat from Reform UK on the right and the loss of traditional Conservative heartlands to the Liberal Democrats.
