Christine Emmett has been selected by the Conservative Party to contest the forthcoming Corby by-election.
The town's MP Louise Mensch is standing down and moving to America where her husband lives. She won the seat from Labour in 2010 with a majority of just under 2000.
Mrs Emmett lives at Morcott in Rutland where her husband runs a holiday homes business.
The former buyer for Marks and Spencer has also been a non-executive director of the Peterborough NHS Trust.
The Conservative candidate for Corby and East Northamptonshire will be chosen by party members tonight.
Louise Mensch resigned as MP earlier this month triggering a by-election in order to spend more time with her family in New York.
Labour's candidate is Andy Sawford, and Jill Hope is standing for the Liberal Democrats.
The election is due to be held in November.
Outgoing Conservative MP Louise Mensch has ended her parliamentary career with a bizarre tradition.
As MPs cannot resign, Mrs Mensch had to accept a "paid office of the crown" - a new position which then disqualified her from membership of the Commons.
She has now been appointed as Steward and Bailiff of the Manor of Northstead, a position with no actual responsibilities.
The position's previous occupier was Labour's Sir Peter Soulsby, now Mayor of Leicester.
So a by-election looming for Corby - and both parties are gunning for the role. Emma Hutchinson reports.
One of the region's most high-profile MPs has resigned with immediate effect. Louise Mensch won Corby for the Conservatives at the 2010 general election. But in a letter to the Prime Minister she said she was struggling to balance her working and family lives
The Prime Minister praised her work, but said he understood her situation although it does now mean a tricky by-election in a marginal seat. Russell Hookey reports.
Labour leader Ed Miliband says his party are ready for an Autumn by-election when candidates will compete for the Corby seat left by Conservative MP Louise Mensch.
Chancellor of the Exchequer George Osborne has paid tribute to Louise Mensch after she announced she is stepping down as Mp for Corby and East Northamptonshire.
People in Corby give their views after the announcement the MP for Corby and East Northamptonshire Louise Mensch is stepping down.
The Conservative politician said she was "devastated by the necessary decision" to step down.
Ms Mensch beat Labour minister Phil Hope by 1,951 votes in the May 2010 General Election.
The resignation will mean a by-election in a marginal seat which could take place in November.
Louise Mensch is quitting the Commons to move to the United States with her family.
For more coverage on this story see the ITV Anglia site.
Full report on the resignation of Louise Mensch MP, who is stepping down as the Member of Parliament for Corby and East Northamptonshire.