Former Canadian finance minister Chrystia Freeland is running to be the next leader of the Liberal Party and Prime Minister of Canada.

The frontrunners for the Liberal leadership are former central banker Mark Carney and ex-Finance Minster Chrystia Freeland.

Former Bank of Canada governor Mark Carney will announce on Thursday he is running to replace Prime Minister Justin Trudeau as leader of the ruling Liberal Party, CBC News said on Wednesday.

The front runners for the Liberal leadership are former central banker Mark Carney and ex-Finance Minster Chrystia Freeland, whose abrupt resignation last month forced Trudeau's exit.

Former Bank of Canada governor Mark Carney announced on Thursday that he was running to replace Prime Minister Justin Trudeau as leader of the ruling Liberal Party, saying he wanted to focus on the struggling economy.

Brit to run the Bank of England since it was founded in 1694 and the former head of Canada’s central bank, says he is entering the race to be Canada’s next prime minister following the resignation of Justin Trudeau.

Freeland, who was one of Trudeau's closest political allies for a decade, quit last month after resisting his demands for more spending and wrote a letter denouncing his governing style.

He is seeking to position himself as an outsider who was not part of the prime minister’s unpopular government.

His chief competitor to be Liberal leader seems to be Chrystia Freeland, 56, an Alberta-born Rhodes scholar, former journalist and one-time finance minister who is yoked to Trudeau’s legacy in the eyes of the oilpatch, including policies deeply unpopular with the sector, such as Bill C-69 and the oil and gas emissions cap.

Former Canadian finance minister Chrystia Freeland, who was one of Trudeau’s closest political allies for a decade, quit last month after resisting his demands for more spending and wrote a letter denouncing his governing style.