Several potential challengers have emerged in the fight for the Victorian Liberal leadership but the result may not be known for days or even weeks.
Warrandyte MP Ryan Smith will run and former shadow attorney-general John Pesutto is set to launch a bid if he beats teal independent Melissa Lowe to reclaim his seat of Hawthorn.
He currently leads the count by about 500 votes, with more than 70 per cent of ballots counted.
Mr Pesutto said he has indicated to various partyroom members that he intends to put his hand up for the leadership if he holds on.
"Early discussions have proved to be very positive and receptive to that concept," he told AAP on Monday.
"Obviously we're subject to that contingency that I do need to win the seat. At the moment it looks positive but it's still too close to call.
"Because of the nature of these things you can't really wait until you have that result."
Mr Pesutto said the party needs to go back to the drawing board to appeal to more regional and younger voters and demonstrate it is an inclusive party.
"We've lost six of the last seven elections. That is simply not good enough in anyone's book," he said.
"We have to rebuild the organisation so that we can start running campaigns ... over a number of years to build the membership that gives us the network across our state to engage fully with communities.
Former police spokesman Brad Battin and Polwarth MP Richard Riordan are also said to be in the running, while former leader Michael O'Brien and opposition health spokeswoman Georgie Crozier are not expected to contest.
There are reports upper house representative Matt Bach is mulling over a tilt but would need to move to the lower house to be eligible.
Mr Smith told the Herald Sun if successful he would focus on regaining support in suburban electorates rather than marginal inner city seats.
Outgoing leader Matthew Guy confirmed he would call the parliamentary partyroom together to elect a new leader once a clearer picture of successful candidates emerges, following his second electoral defeat.
Liberal candidates remain locked in five close tussles in Bass, Hastings, Pakenham, Hawthorn and Mornington.
As things stand, the coalition is projected to win at least 25 seats and may limp to or just past their starting figure of 27, largely courtesy of the Nationals picking up three regional seats.
Labor is on track to win more than 52 of the 88 seats in the lower house, despite a plunge in its primary vote and double-digit swings against it in Melbourne's north and west.
Upper house results are likely to become known in the next few days.
Parliament is set to sit before Christmas.
At a Suburban Rail Loop early works site on Monday, Deputy Premier Jacinta Allan said the government was "ready to power on" and continue with its big build agenda.
