Norman Lamb says he considering standing for the position of Liberal Democrat leader.
Lamb told ITV Anglia's Malcolm Robertson he will make an announcement on his decision in the near future.
Tim Farron has won the support of his Scottish and Welsh counterparts, as a possible contender for the Liberal Democrat leadership role.
Farron has not yet said if he intends to run for the post but he is already being touted by colleagues Willie Rennie and Kirsty Williams as "an inspirational leader".
Rennie and Williams released a joint statement today that said: "Tim is a committed liberal, a brilliant communicator, an outstanding campaigner and an inspirational leader.
"With him as leader we can show that we are a compassionate, tolerant, internationalist, reformist party that looks beyond sectional interest to the greater good, to our children's future not just ours, that believes in partnership home and abroad, not division, that is liberal and democratic."
Liberal Democrat MP Tim Farron has said his party needed to "turn anger into action" in order to secure a better election result but must now must turn their attention to offering people "something far better" to ensure they are not losers again.
Speaking on BBC Radio 4's Today programme he said: "Fear is a hugely motivating factor in elections, I'm sad to report, and what we've got to do is offer something far better than fear - unity, hope, values that draw us together.
"So it's not a case of being a bad loser, it's somebody who is determined not to be a loser again."
Nominations for the Liberal Democrats leadership contest will open on Wednesday, in the hope of having a new leader in place before Parliament breaks up for summer, the party has revealed.
Greg Mulholland, the Lib Dem MP for Leeds North West, has protested the timetable, saying the party needs "strong leadership now".
Just eight Liberal Democrat MPs survived the general election, including outgoing leader Nick Clegg who announced his resignation on Friday.
However, the party's president Baroness Sal Brinton said they were prepared to "fight back", adding that more than 5,000 people had signed up since the results were announced, pushing membership above 50,000.
To get on the shortlist, contenders must secure the endorsement of 10 per cent of MPs - meaning currently just one person - along with 200 members from at least 20 local branches.
Tim Farron, one of the Liberal Democrats' last remaining MPs, has insisted that his party is not dead despite their dreadful showing in Thursday's General Election.
He told ITV News that if his party did not exist, "you would have to invent it".
He said: "We are absolutely going to fight back and rebuild from the grass roots, because the space is there that needs to be filled."
One of only eight surviving Liberal Democrats MPs, Greg Mulholland, has said the party's new leader must be someone who defied former Deputy Prime Minister Nick Clegg over student fees.
Mr Mulholland, who hung onto his seat in Leeds North West, has ruled himself out of the running but appeared to endorse Tim Farron with a call for a 'tuition fee rebel' to take over the position.
He said the controversy over the issue, along with backing NHS reforms and the so-called "bedroom tax" was one of "three fatal errors" made by Mr Clegg after he took the "right decision" to join forces with the Tories.
The 2010 failure to ensure no Liberal Democrat MP voted against a rise in fees was catastrophic. Now we need a leader who voted against.
Clearly those of us who have been re-elected will have to talk about how best we can work together and how we should operate going forwards over the next few years."
Business Secretary Vince Cable, Treasury Secretary Danny Alexander, former leader Charles Kennedy and Simon Hughes all fell, while at one point it looked like Nick Clegg himself would be toppled.
In all, it was a terrible night for the Liberal Democrats.
ITV News Political Correspondent Emily Morgan reports:
One of the Liberal Democrats' most high profile casualties of last night's election mauling has said voters who returned the Conservatives to majority power will only realise the impact of their decision in the coming days.
Simon Hughes told ITV News his party's core message is as "strong as ever" despite taking a "battering" at the ballot box.
The case for a fairer Britain and a fairer world hasn't gone away. In opposition we will rise to the challenge. We will take on the Tory government when we need to and I'm sure there'll be many many reasons for needing to take on the Tory government.
And I think many people will reflect over coming days that what we did in contributing to government made a huge difference for the better and that a Conservative majority government is now sadly not going to have that same fairness agenda, which we absolutely had as our central message.
Nick Clegg has stepped down from his position as leader of the Liberal Democrats following the party's devastating losses overnight.
In a stark resignation speech, Mr Clegg said "fear and grievance has won" after seeing his party lose scores of seats for what will be its worst ever election result.
Mr Clegg warned Britain's place in Europe and the world and future as a united kingdom "is now in grave jeopardy".
The former Deputy Prime Minister Nick Clegg is to make a statement about his position after election results that saw the Liberal Democrat representation in the House of Commons slashed.
Cabinet ministers Danny Alexander, Vince Cable and Ed Davey lost their seats in what looks likely to be the worst election result ever for the party.
This live broadcast has now finished.