A potential unity ticket has emerged that would see shadow treasurer Angus Taylor installed as leader and shadow immigration minister Dan Tehan as his deputy.
The proposed arrangement also includes Flinders MP Zoe McKenzie as manager of opposition business in the lower house.
However, a source close to Mr Tehan said he had not been consulted on the plan and declined to rule out his running for the leadership.
“Angus knows he will never be PM. If he takes over, it will be a genuine attempt to rebuild the Liberal Party,” another Liberal Party source said.
The speculation comes just days after former leader Peter Dutton suffered a shock loss in his Queensland seat of Dickson.
Mr Dutton’s failure to be re-elected has triggered a fight for control of the party’s future direction.
There was previously speculation that Mr Taylor and shadow finance minister Jane Hume would run on a ticket but that appears to have fallen by the wayside.
Ms Hume was seen to be the architect of the party’s failed return-to-office mandate, which has likely ruled her out of contention for deputy leader.
The election delivered significant electoral losses in the party’s conservative wing, including Mr Dutton and manager of opposition business Michael Sukkar.
This has left the moderate faction with greater influence in the partyroom, which could oppose Mr Taylor’s run for leadership.
NSW Senator Hollie Hughes has made thinly veiled criticisms of Mr Taylor’s performance, particularly his handling of the economic message in the campaign.
“It all boils down to the fact that there was just no policy for anyone to sell. There was no economic narrative,” she told Sky News.
“I think when you’ve had roles leading what was supposed to be the economic narrative… There’s certain people that need to do a lot of reflection.”
The comments are understood to be a not-so-subtle reference to Mr Taylor and his role in the election defeat.
Liberal Senator Dave Sharma said he was keeping an “open mind” about the party’s future leadership but warned the next leader faces a “massive challenge”.
“I think we’ll need to convince their party colleagues that they’re first honest and truthful in their diagnosis of where we went wrong,” he said.
“I don’t want to prescribe blame to the leader or particular portfolio holders. I mean, we all collectively own this.”
Acting Liberal leader Sussan Ley confirmed over the weekend that a leadership ballot will be held after all election results are finalised.
Ms Ley has been expected to run for the leadership herself but has yet to formally declare her candidacy.
Shadow defence minister Andrew Hastie has also been rumoured to run, however one source suggested he would sit out the contest.
No date has been given for the next partyroom meeting.
