The battle for the Victorian Liberal party leadership is finally on between Matthew Guy and Michael O'Brien.
The heirs apparent held key positions in Denis Napthine's government and were always expected to push for the top job following the coalition's defeat.
Denis Napthine and deputy leader Louise Asher quit their positions after Saturday's election loss.
Former planning minister Mr Guy said he wanted to defeat the new Labor government after just one term.
"More than ever Victoria needs a united, vigorous and energetic opposition. I believe that I am best placed to deliver the leadership to achieve this," Mr Guy said in a statement.
Mr O'Brien, who was treasurer for about 18 months under Dr Napthine, said the challenge would be a contest between friends, not rivals.
"Matthew and I are not just colleagues. We've been mates for over 20 years," Mr O'Brien told reporters on Tuesday.
He said the party would unite behind whoever won the top job.
"If I shouldn't succeed, I'd be very happy to serve in a senior role and I will absolutely lock in behind the result," he said.
"Matthew has also indicated that should the ball bounce the other way, he will do the same."
Mr O'Brien said he would not stand on a ticket with another MP because he wanted to make sure all the views of the party were reflected in the leadership team.
Mr Guy said he had made the decision to stand for the leadership after discussing it with family and colleagues.
"Daniel Andrews and Labor can be defeated at the 2018 election," he said.
Mr O'Brien has held the safe seat of Malvern since 2006, while Mr Guy swapped his upper house seat for the electorate of Bulleen on Saturday.
The Liberal leadership ballot will be held on Thursday.
Coalition partners the Nationals will meet on Wednesday to choose a new leader after former deputy premier Peter Ryan stepped down after 15 years in the role.
He has called on the party to choose his deputy, Peter Walsh.
"I think he would be terrific," Mr Ryan said on Monday.
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