Less than a week after confirming she was running for Liberal pre-selection in the Wentworth by-election, Christine Forster has pulled out.

Key points: Other potential Liberal candidates include former diplomat Dave Sharma and former acting federal director of the Liberal Party Andrew Bragg

Other potential Liberal candidates include former diplomat Dave Sharma and former acting federal director of the Liberal Party Andrew Bragg The seat is considered safe Liberal territory but is a prized electorate

The seat is considered safe Liberal territory but is a prized electorate The by-election was triggered by the resignation of former prime minister Malcolm Turnbull

Ms Forster — the sister of former prime minister Tony Abbott — made the announcement on social media, saying her candidature had become a "proxy for division" in the party.

The seat had been held by Malcolm Turnbull, who resigned from Federal Parliament on Friday, one week after being ousted as prime minister.

Ms Forster said she had wanted to "represent and advocate for the people of my local community".

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"The commentary about my candidacy since then, however, has focused on the suggestion that it was a proxy for division within the Liberal party," her Facebook post read.

"That is not the case, but to avoid any such perception, I will be standing aside and giving my full support to the successful candidate."

Peter King announces nomination

Meanwhile, the man Mr Turnbull overthrew 14 years ago in a bitter pre-selection battle has confirmed he will nominate for pre-selection.

Peter King said there was a "low sense of trust and esteem for the political process".

"Sometimes you have to put the national interest before ego, and that's what I'm planning to do," he said.

Mr King denied his announcement was linked to Ms Forster's decision to step out of the race.

He said he had got on with his life since the last pre-selection battle.

"I haven't complained about anybody," he said.

"And now there's an appropriate challenge moving forward and I'm happy to undertake that challenge."

The seat is considered safe Liberal territory, but analysts said it would attract interest amongst potential candidates because it was a prized electorate.

Other potential frontrunners include former diplomat Dave Sharma and former acting federal director of the Liberal Party Andrew Bragg.

Independent councillor Kerryn Phelps is also being encouraged to run, but is keeping her cards close to her chest and has not announced a decision.

The Greens have chosen Waverley Deputy Mayor Dominik Wy Kanak as their candidate, while businessman Tim Murray will contest it for Labor.

Wentworth by-election best 'bang for buck'

Mr Turnbull won the seat in 2004 with a margin of 17.7 per cent.

His vote has increased more than most other electorates in Sydney, thanks partly due to his high profile, according to ABC elections analyst Antony Green.

Green predicted the Liberals would suffer a swing of 4 to 5 per cent against them just because Mr Turnbull was no longer the candidate.

Mr Turnbull's son Alex took to Twitter on the weekend to urge people to donate to the Labor campaign.

Retweeting a post from Mr Murray, Mr Turnbull said the Wentworth by-election provided the best "bang for buck" when it came to political donations.

"Tight race, tight margin for government, big incremental effect whatever happens," he said.

"If you want a federal election now this is the means by which to achieve it."