Scott Morrison is tipped to put his hand up for the Liberal leadership.

Treasurer Scott Morrison is reportedly preparing to run against Peter Dutton to replace Malcolm Turnbull as Prime Minister.

Mr Turnbull has not resigned, but he lost several key allies on Thursday morning and it appears Mr Dutton has the numbers to force a challenge to his leadership.

Mr Morrison declared his support for Mr Turnbull on Wednesday, but multiple media outlets report he could now run for the top job if the prime minister steps aside.

Revenue and Financial Services Minister Kelly O’Dwyer is tipped to stand as his deputy.

More to come.