David Cameron resigns: Who is in the running to replace the Prime Minister?

David Cameron dramatically announced his resignation this morning after failing to convince the country to remain in the European Union.

Speaking outside Number 10, the Prime Minister said the country requires "fresh leadership" following the historic poll.

The decision has sparked feverish speculation over who will replace him as leader of the Conservative party.

Here are some of the runners and riders.

Many pundits saw his bold decision to oppose the Prime Minister as part of a plan to eventually vie for the leadership.

Now the gamble has paid off and Mr Johnson is in pole position, according to the bookies, with Ladbrokes offering evens on the former mayor.

However, despite his popularity among the grassroots, he may yet face a challenge to secure the necessary backing among his fellow MPs.

The vote has given a huge boost to Tory MPs who backed Brexit, but Theresa May has come through the campaign relatively unscathed despite supporting the Remain campaign.

The Home Secretary is still in second place with Ladbrokes offering odds of 3/1.

Chancellor George Osborne, however, is widely seen to have suffered a major blow to his leadership hopes after Britain backed Brexit.

He was a far more prominent voice and issued a series of stark economic warnings over the consequences of Brexit, which angered opponents who accused him of exaggerating the figures.

Having previously been a leading contender, Osborne now lies in seventh place with long odds of 16/1.

One of the biggest winners, however, has been Michael Gove.

The Justice Secretary was credited with persuading Johnson to join the Brexit cause and has moved up to third favourite.

Ladbrokes gives him 5/1 odds of replacing Cameron.

Other potential candidates include Stephen Crabb, the Work and Pensions Secretary, who is hugely popular in the Conservative parliamentary party and comes from the sort of ordinary background that chimes with many voters.

But the sudden contest may come a little too soon for him to make much headway. He is 16/1 according to Ladbrokes.

Education Secretary Nick Morgan and Employment Minister Priti Patel have also been touted as potential contenders.