Labour sources have confirmed to ITV News that Ed Miliband is preparing his resignation speech.
The Labour leader was widely tipped to quit after his party failed to return enough MPs to form a government.
It was one of the last big Cabinet jobs to be announced but the Prime Minister has chosen to stick with Jeremy Hunt as Health Secretary.
Prime Minister David Cameron has today continued to put together his new cabinet. Here is what the new-look cabinet looks like so far.
David Cameron was unsurprisingly in a great mood as he spoke to journalists before addressing his 331 Conservative MPs today.