The party brass met Saturday and decided to set up a committee to come up with a date for a leadership convention and the ground rules.
The committee will report back to the executive in August.
There are differing opinions in the Tory ranks about whether the party should hold a relatively quick leadership convention next January or February or wait a year or longer to provide time to rebuild and work on new policies.
Sources told The Canadian Press that a group of grass roots Conservatives is urging the executive to wait as long as possible so potential candidates have a chance to look for support and test their fundraising abilities.
Interim PC Leader Jim Wilson, who was elected by the caucus as caretaker this week to replace Tim Hudak following the Tories' second election loss under his leadership, has said he'd like to see a convention held "sooner rather than later."
Supporters of deputy Tory leader Christine Elliott, the only declared leadership candidate so far, are pushing for a convention early next year.
Several other caucus members have expressed interest in joining the race, including Lisa MacLeod, Vic Fedeli and Monte McNaughton, while party president Richard Ciano and some federal Conservatives are also said to be mulling over leadership bids.