Trudeau said on Monday he would step down after nine years as Canadian prime minister – following growing pressure from his own party and poor opinion polling.

Mr Carney, 59, is one of several names in the frame to replace Trudeau, along with his former deputy Chrystia Freeland and Transport Minister Anita Anand.

Trudeau says he will stay in office until a new leader is chosen. In the meantime, the Canadian parliament has been prorogued – or suspended – until 24 March.

It is likely the Liberals will try to have a new leader in place by the end of the prorogation period – though the timeline and procedure remain unclear. Trudeau has promised a “robust, nationwide, competitive process”.

Mr Carney, who leads an asset management firm and has worked as a Trudeau adviser, told the UK’s Financial Times newspaper: “I’ll be considering this decision closely with my family over the coming days.”

He has long been considered a contender for the top job, though he has never held public office despite his economic background.

During his career as a central banker – at the Bank of Canada from 2007-2013 and then at the Bank of England from 2013-2020 – Mr Carney was influential in the response of two major economies to the global financial crisis.

He also led efforts to support the UK economy through its exit from the European Union and the outbreak of Covid-19.

Whoever succeeds Trudeau in Canada could face an immediate test. The country must have its next federal election by October, but it is considered likely that a vote will be called before that. The opposition Conservative Party, led by Pierre Poilievre, currently enjoy a double-digit lead in the opinion polls.

Trudeau himself recently admitted that he had long been trying to recruit Mr Carney to his team, most recently as finance minister. “He would be an outstanding addition at a time when Canadians need good people to step up in politics,” he said last year.

Mr Carney would also bring expertise on environmental matters through his role as the United Nations special envoy on climate action, recently calling the goal of net zero “the greatest commercial opportunity of our time”.

He is a champion of some Liberal policies that have been unpopular within the country’s conservative circles like the federal carbon tax policy, the party’s signature climate policy that critics argue is a financial burden for Canadians.

He has also been critical of Poilievre, saying the Conservative leader’s vision for the future of the country is “without a plan” and “just slogans”.

Other candidates believed to be credible replacements for Trudeau include his former deputy Chrystia Freeland, who resigned from the cabinet after a rift with the prime minister’s office in December, and Transport Minister Anita Anand, a lawyer who was elected in 2019.