Michael Gove has emerged as the bookmakers’ favourite to replace Theresa May as prime minister.

Mr Gove, the environment secretary, has seen his odds cut to as short as 3/1, according to Betfred.

Betfair put his odds at 4/1 and William Hill put them at 7/2.

It comes after Ms May said she would resign if her twice-defeated Brexit deal passes its third attempt.

The prime minister told a meeting of Conservative MPs she would stand down if her plan for Britain to leave the EU was finally accepted in parliament.

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Mr Gove was followed by Boris Johnson as second favourite at 4/1.

The former foreign secretary came in ahead of the current foreign secretary, Jeremy Hunt, and home secretary Sajid Javid, both at 10/1.

It comes as a poll found Mr Gove was seen as good prime minister material by 30 per cent of Tory backers, while 45 per cent disagreed, according to an Ipsos MORI survey.

He was overtaken by Mr Johnson, Mr Hunt and Mr Javid, who received approval ratings of 32 per cent.

Work and pensions secretary Amber Rudd was just behind on 31 per cent.

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Earlier this week, Mr Gove told the BBC: “I think it’s very important that everyone recognises that this is an immensely serious week.