George Osborne has branded the Prime Minister "a dead woman walking".
In a withering attack on Theresa May, who sacked him as chancellor on her arrival in Downing Street last year, Mr Osborne said it was simply a question of "how long she is going to remain on death row".
He predicted she could be out of office as early as the middle of next week.
Image:Theresa May and her husband Philip arrive at St Andrew's Church in Sonning, Berkshire
Tory MP Anna Soubry also said Mrs May's position in the long-term was "untenable", but argued she should not quit now because of the need for stability.
Ms Soubry told Sky News' Sophy Ridge on Sunday programme: "She will have to go, but not for some time."
The speculation over the PM's future came as she moved to shore up her precarious position following the loss of her Commons majority at the election.
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However, this was dealt an early blow after Downing Street mistakenly announced a deal had been reached with the Democratic Unionists to prop up Mrs May's minority Tory government.
Meanwhile, Jeremy Corbyn, buoyed by Labour's showing at the polls, said it was "quite possible" there would be another election this year and that his party was "ready to fight".
Earlier, Mr Osborne, who is now editor of the London Evening Standard, told BBC1's The Andrew Marr Show: "Theresa May is dead woman walking. It is just how long she is going to remain on death row.
"I think we will know very shortly. We could easily get to the middle of next week and it all collapses for her."
Asked what he thought of Mr Osborne's comments, former Tory leader Iain Duncan Smith said: "I don't think anything at all of what George Osborne says. I make it a rule."
Defence Secretary Sir Michael Fallon said he and other senior colleagues had told the PM she would need to adopt a more collective approach after seeing her majority swept away.
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