The only other challenger, Penny Mordaunt, has reportedly the backing of less than 30 MPs. A candidate requires nominations from at least 100 MPs to stand in the race.
Johnson had raced home from a holiday in the Caribbean to try and secure the backing of 100 legislators to enter the contest to replace Truss, the woman who succeeded him in September after he was forced to quit over a string of scandals.
He said late on Sunday that he had secured the backing of 102 legislators and could have been “back in Downing Street”, but that he had failed to persuade either Sunak or the other contender Mordaunt, to come together “in the national interest”.
“I believe I have much to offer but I am afraid that this is simply not the right time,” Johnson said.
The former prime minister had secured the public backing of just less than 60 Conservative legislators by Sunday.
Johnson’s statement likely paves the way for his archrival, the 42-year-old Sunak, to become prime minister, possibly as soon as Monday.
If confirmed, he would replace Truss, who was forced to resign after she launched an economic programme that triggered turmoil in financial markets. According to the rules, if only one candidate secures the backing of 100 Conservative legislators, they will be named prime minister on Monday.
If two candidates pass the threshold, they will go forward to a vote of the party membership, with the winner announced on Friday, just days before new Finance Minister Jeremy Hunt lays bare the state of the country’s finances in a budget plan due to be released on October 31.
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That had raised concerns that Johnson would return to Downing Street with the backing of the party members and not a majority of legislators in parliament, leaving the party badly divided. Hunt declared his backing for Sunak late on Sunday.
“I’ve never known this sort of rancour and division and it is very destabilising,” said Daniel Kawczynski, a Conservative legislator. “It is destabilising for the party, and destabilising for the country.”
‘Torn itself apart’
Some Johnson supporters could switch to Mordaunt, who has presented herself as the unity candidate, but many immediately switched to Sunak. A source close to the Mordaunt campaign said the former defence minister would continue in the contest.
“She is the unifying candidate who is most likely to keep the wings of the Conservative Party together,” the source said.
Johnson has loomed large over UK politics ever since he became mayor of London in 2008 and went on to become the face of the Brexit vote in 2016. While he led the Conservative Party to a landslide election in 2019, he was forced out just three years later by a rebellion of his ministers.
Sunak said he hoped Johnson would continue to contribute to public life “at home and abroad”.
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One Sunak supporter, who asked not to be named, told the Reuters news agency that his main reaction was relief because if Johnson had won, the “party would have torn itself apart”.
Another Conservative legislator, Lucy Allan, said on Twitter: “I backed Boris for PM, but I think he has done the right thing for the country.”