Deputy Premier Steven Miles is considered the frontrunner to take over from Ms Palaszczuk, who finishes up this week after announcing her resignation on Sunday.
Mr Miles was quick to declare his nomination for the top job soon after the outgoing premier personally endorsed him.
He is also believed to have plenty of support from the biggest group in Labor's dominant left, the United Workers Union.
Yet the deputy premier may face competition from Health Minister Shannon Fentiman and Treasurer Cameron Dick, with reports the pair are gauging their support base on Monday.
Deputy Premier Steven Miles may face a challenge from Cameron Dick and Shannon Fentiman. (Jono Searle/AAP PHOTOS)
There is even speculation the pair may campaign together on a joint ticket.
Labor's administrative committee is set to meet on Monday night to formally open leadership nominations, with caucus to gather on Friday to endorse its new parliamentary leader ahead of the October 2024 election.
A contested leadership ballot may be messy, possibly dragging out for weeks.
Under party rules, the ballot would be split between elected MPs, rank and file members and affiliated unions.
It is believed some MPs are overseas and scrambling to return for the Friday ballot after being caught off guard by the premier's call.
Two months ago Ms Palaszczuk, who is Australia's longest-serving sitting premier, claimed she was determined to run for a fourth term, saying she had "heaps" left to prove.
However, after almost nine years as premier and 12 as party leader, she has conceded it is time for renewal following months of poor poll results.
The premier endorsed Mr Miles and described Mr Dick as one of the best treasurers she had seen in the state, but did not mention Ms Fentiman in her resignation address.
Ms Fentiman is reportedly aligned with the Australian Manufacturing Workers Union and is believed to have strong support from the left.
Mr Dick is believed to be with the Australian Workers Union-aligned right, Ms Palaszczuk's faction.
The premier is set to meet with Queensland Governor Jeannette Young on Friday to officially tender her resignation.
If a replacement is sorted out by the Labor caucus, that person is also set to attend and be sworn in as the state's 40th premier.
Whoever gets the nod as Ms Palaszczuk's replacement, big shoes await.
Ms Palaszczuk is the last of the COVID-era state leaders, after going from an opposition with a mere seven seats to claiming the 2015 election in one of the great political upsets.
She became the first woman to lead a party to three state election victories after emerging triumphant in 2020.
"A week in politics is a long time but can I tell you nine years feels like an eternity," Ms Palaszczuk said on Sunday.
She will also depart her Inala seat at the end of the month, prompting a by-election.
Standing alongside and standing up for the people of QLD as Labor's Premier has been the honour of my life.— Annastacia Palaszczuk (@AnnastaciaMP) I've always drawn my strength from the people of QLD, working to make our state fairer and more prosperous for the future.I have given it my all. Thank you Queensland. pic.twitter.com/MooH27SJvWDecember 10, 2023
ALP national president Wayne Swan, a Queenslander, on Monday said he thought Mr Miles would be a good premier.
"He probably is the frontrunner, but it's not for me to nominate who's going to win the caucus ballot," he told Nine's Today program on Monday.
Mr Swan also rejected questions about the timing of Ms Palacaszuk's announcement with Tropical Cyclone Jasper set to cross the Queensland coast by mid-week.
Deputy Opposition Leader Jarrod Bleijie said it would not matter who took over as premier.
"The ringmaster may change but the same clowns are there," he said.
"Queenslanders should decide who the premier is, not power hungry Labor ministers."
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