Premier Denis Napthine said Ms Fyffe, the Liberal member for Evelyn, had nominated for the position of Speaker and was elected unanimously by the party.
"She nominated, she was elected unanimously and we trust that the numbers in the parliament will see her elected Speaker this afternoon," he told reporters.
Earlier, Ken Smith told state parliament he would quit the post.
Arriving at parliament on Tuesday, Mr Smith was asked where he wished to end his parliamentary career.
"In the chair of course," he told reporters.
As Mr Smith announced he would be stepping down, he took a swipe at independent Frankston MP Geoff Shaw who holds the balance of power in the parliament.
"I have no confidence in the member for Frankston and I believe he is unworthy of being a member of parliament," Mr Smith told the first sitting of the Victorian parliament for 2014.
More details to come.
