The clock is ticking on the last day for anyone wanting to be the next premier of the province.

Prospective candidates have until the end of the day on Friday to announce they want to run to replace Premier Dalton McGuinty.

So far, seven leadership candidates have come forward: Don Valley West MPP Kathleen Wynne, Toronto Centre MPP Glen Murray, Mississauga South MPP Charles Sousa, Mississauga-Erindale MPP Harinder Takhar, St. Paul's MPP Dr. Eric Hoskins, former Economic Development Minister Sandra Pupatello and former provincial Education Minister and MP Gerard Kennedy.

They will be competing for the party's - and province's - top job which will be decided at Maple Leaf Gardens on the last weekend of January. The convention will be a delegated one with a series of votes on Saturday, January 26. It's likely the new leader and premier will be announced early Sunday morning.

Until then, candidates will be touring the province while revealing their platforms.

Finance Minister Dwight Duncan, Health Minister Deb Matthews, former Health Minister George Smitherman and former Attorney General Michael Bryant are among those who have ruled out a leadership bid.