Just days after Ed Miliband joined former Deputy Prime Minister Nick Clegg in resigning from his position as Labour leader following a “disappointing” election defeat, speculation has mounted as to who will replace him.

Acting leader Harriet Harman has ruled herself out of the race after reforming the shadow cabinet yesterday evening. Former Shadow Chief Secretary to the Treasury, Chris Leslie, has moved to Shadow Chancellor in a bid to replace Ed Balls. Mr Balls lost his Morley & Outwood seat by just 422 votes shortly after 6am on Friday.

Hilary Benn will replace campaign chief Douglas Alexander as Shadow Foreign Secretary, while Emma Reynolds will fill Benn’s vacated Shadow Communities Secretary role. Re-elected MPs Yvette Cooper, Chuka Umunna, Tristram Hunt and Andy Burnham will retain the roles they held prior to Thursday’s election.

Bookies’ favourite Burnham, former health secretary Kendall, and historian Hunt are tipped by Senior Labour officials as ‘favourites’ for the leadership, with “rising star” Umunna announcing his contention just this morning.

Labour leadership: Favourites to win

Chuka Umunna – 11/8

Credit: Telegraph | Umunna is said to be a rising star of the Labour party

Umunna announced that he would be running to replace Mr Miliband this morning in a Facebook video in which he states “we can and should be winning”. Hoping to drive Labour to success in 2020, the former solicitor, who retained his seat with a 14,000 majority on Thursday, says in the video:

“I want to lead that effort as part of a really big Labour team, getting Labour back into office.

“There is no doubt about it. We have got to do better next time,” he adds.

Andy Burnham – 9/4

Credit: Getty | Burnham is a “union favourite”

Burnham has retained his Leigh seat since 2001, and was dubbed as the “unions’ preferred choice” by the Telegraph earlier today. In 2010, the former shadow health secretary under Gordon Brown won the support of the National Union of Labour and Socialist Clubs.

When asked if he was planning to run, he told the BBC he would be “making some calls”.

He previously ran for Labour leader in 2010. Mr Burnham’s campaign focused on immigration issues.

Tristram Hunt – 8/1

Credit: Guardian | Hunt recently confessed Labour have to win back working class trust

Stressing the need for an “election post-mortem,” Hunt is a Labour rejuvenator who has been hinted as “one of those voices” that leads a modern Labour to victory in 2020. The journalist, who is currently MP for Stoke-on-Trent, wrote in the Guardian yesterday:

“We in the Labour party now face a triple bind: the rise of nationalism in Scotland; the loss of confidence in middle England; and a lack of trust in large parts of traditionally Labour communities.

“Rebuilding an electoral coalition which has fragmented towards the SNP, Ukip and the Tories can never be adequately addressed by a series of tailored policy solutions.

“It is much more a question of instinct, message, trust and sentiment,” he added. He is yet to join Kendall and Umunna in throwing his hat into the ring.

Liz Kendall – 6/1

Credit: Guardian | Kendall hopes to be first female Labour leader

Liz Kendall, former shadow health minister, announced her bid for the position on Sunday. Appearing on the BBC’s Sunday Politics, she told host Andrew Neil that Labour had become too much like “a moaning man in a pub”. Said to be a ‘Blairite’ contender, she continued:

“We didn’t get people’s trust on the economy, we didn’t build a broad enough coalition of voters in different parts of the country and we didn’t set out a positive enough alternative for the future.”

Kendall is a former special advisor to Deputy Labour leader Harriet Harman and hopes to place more emphasis on health reform.

Those who have declared bids point to Mr Miliband’s focus on “left wing” politics as a possible reason for Labour’s defeat on Thursday, agreeing with ex-PM Tony Blair, who wrote “the route to the summit is through the centre-ground” in the Observer on Sunday.

Several other Labour MPs, who have been tipped as possible candidates, have yet to declare their intentions. The odds for Normanton, Pontefract and Castleford MP Yvette Cooper stand at 5/1 and MP for Leeds West Rachel Reeves’ chances stand at 25/1. In order to win, each will require backing from 15% (or 35) Labour MPs.

The predictions come as David Miliband, Ed’s brother, yesterday criticised the latter’s leadership of the party during the election campaign. The former foreign secretary ruled himself out of the running and claimed Thursday’s electorate “did not want what was being offered”.

Former business secretary Lord Mandelson echoed David’s sentiments, writing in The Sunday Times that Ed had made “terrible mistakes” in neglecting a “New Labour” approach.

Meanwhile, re-elected Prime Minister David Cameron has reshuffled his Cabinet in the early days of this week. At least five MPs from East Anglia, including three from Essex (like new Employment Minister Priti Patel from Witham) have been appointed.