The PM is expected to announce his resignation this morning, according to sources.
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Tim Shipman, chief political commentator for The Sunday Times, told Times Radio it is his understanding the PM will quit today.
But he said Mr Sunak “will stay on until another leader is selected”.
On a historic night:
He added: “In practice this means holding the fort in parliament for three weeks before the recess.”
Sir Keir Starmer is set to become the UK’s next prime minister as voters chose a “brighter future” with Labour.
The party is forecast to win a landslide 170-seat majority, with the Tories reduced to their lowest number of MPs on record.
The exit poll suggests Labour is on course for 410 seats, with the Tories reduced to 131.
Mr Sunak and his wife Akshata Murty visited a polling station to vote in the General Election yesterday.
He said “morning” and waved at reporters as he entered Kirby Sigston Village Hall in Northallerton.
Mr Sunak is hoping return to Parliament as the MP for Richmond and Northallerton.
At any other election, Mr Sunak would assume that his seat was safe – but the polls have tightened in this corner of true blue North Yorkshire.
His Labour opponent, Tom Wilson, genuinely believes he has a chance at ousting the sitting PM, something which has never happened before.
In the first result of the night, shadow education secretary Bridget Phillipson held Houghton and Sunderland South, but Reform pushed the Conservatives into third place.
BRITAIN WILL WAKE UP TO A POLITICAL EARTHQUAKE
By Kate Ferguson, Political Editor Sun on Sunday
BRITAIN will wake up to a political earthquake.
If the exit poll is right, Labour have stormed to victory with their biggest majority in their 100 year history.
It is a jaw-dropping turnaround from the dark days of the Jeremy Corbyn era of 209, when the party suffered their worst result in history.
The Tories look set to be decimated. The most successful political party in Europe has been reduced to just a rump of 131 MPs.
Be in no doubt – this is a nightmare for the Conservative Party. They now face the painful task of having to rebuild and choose a new leader.
But the big story of the night is Nigel Farage’s Reform party, who are expected to win a staggering 13 seats.
This political maverick has lobbed a grenade into Westminster – and he is only just getting started.
Reform is expected to win the key seat of Hartlepool – the Red Wall seat in Labour’s old heartlands which turned Tory under Boris Johnson.
Nigel, 60, the godfather of Brexit, is a charismatic leader well trained in waging war on ‘political elites’ from his days in the European Parliament.
He had run and failed to become an MP seven times before.
He has finally won on the eighth attempt – and looks set to have a dozen Reform MPs with him.
He has the potential to change the face of politics forever.
Sir Keir Starmer and the next leader of the Tories – whoever that may be – should brace themselves.
Ms Phillipson, who will now expect to be in Sir Keir’s first Cabinet, said: “Tonight the British people have spoken and if the exit poll this evening is again a guide to results across our country – as it so often is – then after 14 years the British people have chosen change.
“They have chosen Labour and they have chosen the leadership of Keir Starmer.
“Today our country with its proud history has chosen a brighter future.”
Reform also outperformed the Conservatives in Blyth and Ashington, which was also held by Labour.
The Liberal Democrats are forecast to win 61 seats, Reform UK on 13 and the Green Party two.
In Scotland, the SNP are expected to secure 10 seats with Plaid Cymru in Wales on four.
The poll for broadcasters involved more than 20,000 voters at 133 polling stations.
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