British Prime Minster Theresa May said on Friday that she will quit as leader of the Conservative Party on June 7, paving the way for the process of electing her successor.

"I am today announcing that I will resign as Conservative leader on Friday 7 June," she said. "I have agreed with the party chairman that the process for electing a new leader will begin in the following week."

The timetable announced by May means she will still be in office next week when US President Donald Trump will pay a state visit to Britain. She will also take part in commemorations in Britain and France to mark the anniversary of the D-Day landings that paved the way for the end of World War II.

Ahead of announcing her resignation, May held a private meeting with Sir Graham Brady, chairman of the 1922 Committee, a body that represents Conservative backbench MPs in the House of Commons.

A number of senior ministers have already indicated their intention to join the race, which is expected to start on June 10, to choose her successor as leader of the Conservative Party.