Boris Johnson is “clearly” still in line to be prime minister after talks with rival Rishi Sunak, a supporter has said.
Business Secretary Jacob Rees-Mogg told that the former prime minister needed 100 supporters to enter the competition.
However, just over half have declared their support for Johnson, while former chancellor Mr Sunak has already passed the 100 mark.
Mr Sunak officially announced on Sunday morning that he was running.
He and Mr Johnson met on Saturday night, prompting speculation they could reach a deal.
This would see one of them stand aside in the belief that it gives the other a clear run, although Commons leader Penny Mordant has also announced her intention to stand.
But asked what happened at the meeting, Sunak backer Dominic Raab told: “I don’t think there’s an issue here about the deal and it’s not the right way to proceed. Is.”
He added: “They had a great conversation about the need for unity.”
Mr Sunak currently has 146 Conservative MPs who have publicly backed him, compared to 57 for Mr Johnson and 24 for Ms Mordant, according to research.
Of the three, only Mr Johnson has yet to officially say he intends to run.
Officially announcing his candidacy, Mr Sunak said the country was facing a “deep economic crisis” and that as chancellor he had “helped steer our economy through the most difficult times”.
He promised to “address the biggest issues we face” and “deliver on the promise of the 2019 manifesto”, with “honest professionalism and accountability”.
Former home secretary Sylla Braverman – who ran for leader earlier this year – has thrown her support behind Mr Sunak, writing in the Telegraph that he can “put our house in order and put a stable foothold on Tiller”. , can apply a careful hand”.
Mr Raab, who served as deputy prime minister under Mr Johnson, said Mr Sunak was the “right person” to be prime minister for both economic and political reasons.
He said Mr Sunak had got the “fundamental calls” right on the economy and had “experience to deliver” from his time as chancellor under Mr Johnson.
Mr Raab added that Mr Sunak also had widespread support from Tory MPs, which was “growing by the hour”.
However, Mr Raab refused to say whether Mr Sunak would retain Jeremy Hunt as chancellor, saying it was not right to “start giving away jobs” during a leadership election.
He added that Mr Sunak would form a “government of all abilities”.
Ms Mordant has confirmed she will keep Mr Hunt in his role if she becomes prime minister to ensure a “smooth transition of power”.
The chancellor is due to make a statement on the government’s plans for spending cuts and taxes on October 31 – just days after a new prime minister is installed.
Ms Mordant insisted she was “in it to win” and denied reports she had been in contact with Mr Johnson’s team about withdrawing from the competition in exchange for a prominent position.
