Opposition frontbencher Joe Hockey is being lined up to replace his embattled leader Malcolm Turnbull who will confront those colleagues trying to tear him down within days.
Liberal powerbrokers will spend the weekend shoring up support for their prospective candidates Mr Turnbull, Mr Hockey or Tony Abbott.
Continuing chaos within Liberal ranks meant the Senate failed to meet yesterday's deadline to vote on the emissions trading scheme, increasing the likelihood that the Bills will not be passed this year, if at all.
If the legislation is blocked, the Government will have the trigger to call an early election and this will prove disastrous for the Opposition, according to Mr Turnbull.
''We would be wiped out,'' Mr Turnbull said yesterday as the internal brawl escalated.
Senators Concetta Fierravanti-Wells and Guy Barnett quit their positions, joining the 14 frontbenchers, parliamentary secretaries and whips who have now resigned in protest over Mr Turnbull's handling of the climate change issue.
One of the most high-profile dissidents, Mr Abbott, ratcheted up the pressure on Mr Turnbull yesterday.
''If there is no movement from the bunker then I'll be calling a spill for Monday morning,'' Mr Abbott said.
By yesterday afternoon, Mr Abbott and nine other Liberals had written to the Chief Opposition Whip calling for a party meeting on Monday at 9am to replace the leader.
Mr Turnbull agreed to hold the meeting 24 hours later, vowing to take on any challengers and remaining confident that he would prevail in a leadership ballot.
''There is no question that I will be standing if there's a spill,'' he said last night.
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