Tasmanian Treasurer Peter Gutwein and State Growth Minister Michael Ferguson have confirmed they will stand for leadership of the state's Liberal Party after the shock resignation of Premier Will Hodgman earlier this week.

Key points: Tasmanian Liberal MPs will meet at midday on Monday to choose the state's next premier

Tasmanian Liberal MPs will meet at midday on Monday to choose the state's next premier Peter Gutwein has confirmed he intends to stand with Jeremy Rockliff as his deputy

Peter Gutwein has confirmed he intends to stand with Jeremy Rockliff as his deputy Michael Ferguson will run on a ticket with Elise Archer

In a statement this afternoon, Mr Gutwein said his decision had come "after much consideration" and that Deputy Premier Jeremy Rockliff had agreed to run beside him in his current role.

"We are united in our commitment to continue to deliver a strong and stable majority Liberal Government," the pair, elected together in 2002, said.

Mr Ferguson also released a statement, saying he had been speaking with his colleagues about the leadership.

"My position, as always, is to do what is best for our party, the Government and most importantly the Tasmanian people," he said.

"I am offering myself to my Liberal colleagues to serve as their leader. My friend and colleague [Attorney-General] Elise Archer is offering to serve as deputy leader."

The Government has confirmed Liberal MPs will meet at midday on Monday to select a new leader.

The two tickets equal a contest between the moderate and conservative arms of the state's Liberal Party, with Mr Gutwein offering a business-as-usual approach after current moderate Mr Hodgman formally resigns.

If the 15-member parliamentary Liberal Party voted according to ideological allegiances, the conservative Mr Ferguson would win in a ballot — but only by a narrow margin.

But according to people within the Tasmanian Liberal Party, greater considerations are at play.

If Mr Gutwein were to become premier, the leadership team would be composed of only northern Tasmanian MPs.

Mr Ferguson, a Bass MP, and Ms Archer, from Clark, would present as a north-south duo.

With the loss of Mr Hodgman's incredible primary vote in Franklin — having received more than 27,000 first preference votes at the 2018 state election — the Liberal Party is sensitive to the needs of the south of the state.

Mr Gutwein is considered a highly competent minister, but there are concerns he does not have the profile of Mr Ferguson.

But some sources say Mr Ferguson would be highly vulnerable to attacks from Labor over his handling of the troubled health portfolio, which he held until July last year.