MALCOLM Turnbull is prepared to serve as treasurer — if asked — to avert a divisive leadership spill.

But it would mean Tony Abbott cutting loose his friend Joe ­Hockey, whom colleagues believe has failed to sell the Budget.

They claim Mr Turnbull could inject the firepower needed to steer the debate back to the economy and prosecute the government’s case against Labor’s debt and deficit legacy, which they claim has been the major failure of the government to date.

Mr Turnbull surfaced from a day’s seclusion in his Sydney home this morning to say he supports the Prime Minister.

“I’m in the Cabinet, of course I support the Prime Minister, everyone supports the Prime Minister,” he told reporters as he prepared to take a walk with wife Lucy.

“You don’t have to keep on saying that all the time.”

media_camera Will Treasurer Joe Hockey lose his position? media_camera Will Malcolm Turnbull become Treasurer?

The option to dump Mr ­Hockey in favour of Mr Turnbull has been canvassed over the past two weeks but resurfaced over the past few days ahead of Tuesday’s leadership spill.

Mr Hockey’s job as Treasurer has been under silent siege for months with cabinet colleagues concerned he is unable to sell the Abbott government’s economic message.

The Sunday Telegraph can reveal that several cabinet ministers have urged the Prime Minister to replace him in the role.

They include Ms Bishop, who urged Mr Abbott to take action over Mr Hockey’s performance in private talks before Christmas.

Supporters of Mr Turnbull also confirmed yesterday that Mr Hockey will be replaced by rising Liberal star Scott Morrison if a spill motion is successful.

Senate leader Eric Abetz was yesterday accused of ringing ­conservative MPs to suggest that the Prime Minister would be ­prepared to dump Mr Hockey to save his leadership. When contacted yesterday, Senator Abetz ­refused to discuss the issue.

“One, if I have been ringing around I wouldn’t say what I have been saying to colleagues,’’ ­Senator Abetz said. “We’re not going to get into the silly rule in, rule out game. All my colleagues have my confidence.”

Mr Abetz last night issued an emphatic denial. “The minister continues to ­support the leadership team and all of his ministerial colleagues,” a spokesman said.

The PM has so far refused to budge, believing he has the numbers to see off the challenge.

A source close to Mr ­Turnbull said that as of last week he was prepared to cut a deal for the Treasury portfolio and as of late Friday night, it was still a live option.

“That is still an option available to the PM,” a source close to Mr Turnbull said. “It could be the ­circuit-breaker.”

Mr Abbott was warned in December that colleagues were concerned Mr Hockey had failed to “nail Labor to the cross” over the Budget mess and was not “cutting through” to the public on economic messages.

A shattered Mr Hockey yesterday pleaded with colleagues to save Mr Abbott’s leadership.

“He is a genuinely good human being. It is a very difficult period to govern anywhere in the world,” Mr Hockey said.

“It is hugely ­important for the sake of the ­nation that there be stability. That’s what I expect the Liberal Party room will provide.”

Some ministers suggest that Ms Bishop was not alone in calling for a new treasurer, with a ­succession of ministers urging the PM to take action.