The deputy leader of the Liberal party will be Josh Frydenberg, replacing Julie Bishop.

Mr Turnbull quit the job after he called for a spill of leadership positions in a Liberal partyroom meeting on Friday.

Mr Dutton, Mr Morrison and Ms Bishop contested a three-way contest to replace him, with Ms Bishop eliminated first after getting the lowest vote.

Mr Morrison defeated Mr Dutton in the next round by five votes, 45 to 40.

The original spill motion was carried 45 votes to 40, meaning almost half the partyroom wanted Mr Turnbull to stay in power.

Read more: The leadership spill as it happened

It is understood Mr Turnbull has not yet indicated to the meeting when he will retire from parliament.

An immediate retirement would trigger a by-election in the NSW seat of Wentworth.

The meeting had been expected to start at midday but was delayed while the 43 signatures on a petition calling for the meeting were verified.

More to come

AAP