Speculation is mounting that Mike Nesbitt is set to run for the Ulster Unionist Party (UUP) leadership, seven years after stepping down from the role.

Mr. Nesbitt initially became UUP leader in 2012 but resigned in 2017 following poor assembly election results.

The leadership position became vacant after Doug Beattie resigned last week, citing "irreconcilable differences" with party officers.

Nominations for the role close on Friday at 4.30pm and it is understood that Nesbitt will be the only MLA to stand for the position, with deputy leader Robbie Butler and East Antrim MLA John Stewart deciding not to run.

If Nesbitt is elected, he will be the first person to lead the party twice.

Currently the MLA for Strangford and Stormont's Health Minister, Nesbitt is expected to retain his ministerial role if he becomes leader.

It is understood that Nesbitt will be the only MLA to stand for the position, with deputy leader Robbie Butler and East Antrim MLA John Stewart deciding not to run.

On Tuesday afternoon, Mr. Butler threw his support behind Mr. Nesbitt in a statement. in it he said: "The future of the Ulster Unionist Party, and indeed wider political Unionism in Northern Ireland, must always be foremost when considering change and the role that we all will play."

"A revised and refreshed leadership team of the UUP, led by Mike Nesbitt, is an exciting opportunity to not only embed the vision of a modern, ambitious and vibrant strand of Unionism for the people of Northern Ireland but also to strategically modernise Party structures with and for our membership.