West Australian Liberal MP Luke Simpkins will move a spill motion against the prime minister on Tuesday.
The motion will be seconded by fellow WA Liberal Don Randall.
Mr Simpkins said in an email to party colleagues the knighthood for Prince Philip was "the final proof of a disconnection with the people".
"I think we must bring this to a head and test the support of the leadership in the party room," he wrote.
The MP has submitted to the chief government whip a motion to spill all of the leadership positions of the party, including the deputy role held by Julie Bishop.
Mr Simpkins said it should be a secret ballot.
Mr Simpkins said the motion would give all members the opportunity to "either endorse the prime minister or seek a new direction".
"I have no front bench ambitions," he said.
"I just want to make sure that the economic vandals do not get back into power and our children and grandchildren are not left to pay Labor's bill.
"I do this because I believe it is in the best interests of the people of our country."
The MP said over the past two weeks he had been inundated with emails and people coming into his office questioning the "direction the government is being led in".
The last time this had occurred was when "we were being led to support the Rudd government ETS (emissions trading scheme) and faced with this erosion of our base we acted", he wrote.
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