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.