SOUTHAMPTON'S Rishi Sunak has declared he will stand to be Prime Minister.

Reports suggest the former chancellor has already secured the backing of 137 MPs, while Boris Johnson has 75.

National media reported Mr Sunak and his former boss were locked in talks last night - but today business secretary Jacob Rees-Mogg said he was not expecting a deal.

Today on Twitter Mr Sunak - who grew up in Southampton - has declared he is standing to be PM.

READ MORE: Rishi Sunak: Southampton's own wins support of 100 MPs in leadership race

Romsey and Southampton North MP Caroline Nokes is backing Mr Sunak, along with Eastleigh MP Paul Holmes, Meon Valley MP Flick Drummond and New Forest West MP Desmond Swayne.

Here's Mr Sunak's full statement:

The United Kingdom is a great country but we face a profound economic crisis.

The choice our Party makes now will decide whether the next generation of British people will have more opportunities than the last.

That's why I am standing to be your next Prime Minister and Leader of the Conservative Party. I want to fix our economy, unite our Party and deliver for our country. 

I served as your Chancellor, helping to steer our economy through the toughest of times.  The challenges we face now are even greater.

But the opportunities — if we make the right choice are phenomenal. 

I have the track record of delivery, a clear plan to fix the biggest problems we face and I will deliver on the promise of the 2019 manifesto.

There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done.

I am asking you for the opportunity to help fix our problems.

To lead our Party and country forward towards the next General Election, confident in our record, firm in our convictions and ready to lead again.