Theresa May will replace David Cameron in Number 10 by Wednesday evening, the outgoing Prime Minister said today.
Mr Cameron said he was "delighted" Mrs May was to succeed him at Downing Street while praising her as a "strong" and "competent" politician.
Speaking in front of Number 10, he said he would head to Buckingham Palace to officially tender his resignation after Prime Minister's Questions on Wednesday, meaning there would be a "new prime minister in that building behind me by Wednesday evening".
His final cabinet meeting will be tomorrow, he added.
Mr Cameron's announcement comes at the end of a dramatic day which saw Andrea Leadsom pull out of the race for Tory leader, paving the way for the Home Secretary to become the UK's next premier unchallenged.
He said: "I think Andrea Leadsom has made absolutely the right decision to stand aside.
"And it's clear that Theresa May has the overwhelming support of the Conservative Parliamentary party.
"I'm also delighted that Theresa May will be the next Prime Minister.
"She is strong, she is competent, she is more than able to provide the leadership that our country is going to need in the years ahead, and she will have my full support."
He added: "Tomorrow I will chair my last cabinet meeting. On Wednesday I will attend the House of Commons for Prime Minister's Questions.
"After that I expect to go to the Palace and offer my resignation.
"So we'll have a new prime minister in that building behind me by Wednesday evening."
