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Kean, who took over as deputy Liberal leader after over the John Barilaro trade appointment saga, has long been considered a replacement to Premier Dominic Perrottet if the Liberals do not prevail in the tightly contested poll.

Treasurer Matt Kean is the most likely contender to replace Dominic Perrottet if he steps down in the event of an election loss. Ben Symons

A senior moderate said Kean would not be able to resist the chance to be NSW leader, and he had significant support after his efforts in the campaign, including a major fundraising push and shoring up seats at risk from a teal takeover in Sydneys north.

Although a polarising figure within the Liberals, Kean would have the most support in the parliamentary party to become opposition leader, but several sources have confirmed that Henskens, from the right faction, would be eager to nominate.

Ayres, who is fighting to save his ultra-marginal seat of Penrith, may also want to run, one senior moderate party source said. Attorney-General Mark Speakman could also emerge as a leadership contender, although it is unlikely he has enough support.

Kean said on Thursday that his only focus is the election and serving the people of NSW.

NSW Premier Dominic Perrottet with Sports Minister Alister Henskens. Janie Barrett

Perrottet and Labor leader Chris Minns have both promised they would serve out their four-year terms regardless of the election outcome, but it is likely that neither would stay in the top job if unsuccessful on Saturday.

One long-term Liberal Party insider said the make-up of a minority government could determine whether Kean would be elected leader, including if One Nations Mark Latham holds the balance of power in the upper house.

Latham clearly hates him and may refuse to do a deal with an opposition led by Kean and that could damage his leadership numbers, the source said.

The source said if Latham emerged as a kingmaker and followed through with his anyone but him threats towards Kean, the Liberal Party room would be nervous about backing him.

Penrith MP Stuart Ayres and Attorney-General Mark Speakman. Louise Kennerley, Edwina Pickles

Federal aspirations could also stop the treasurer from nominating if Perrottet decides to step down, allies close to the moderate powerbroker said.

Several Liberal insiders, speaking on the condition of anonymity, said Kean was exhausted from the drawn-out state campaign and was eyeing a move to Canberra, possibly contesting the seat of Bradfield when it becomes available, or more likely North Sydney.

North Sydney was lost to teal MP Kylea Tink, ending the political career of Keans colleague and friend Trent Zimmerman, but the Liberals hope to win it back at the next federal election.

There are also likely to be other leadership positions up for grabs, including the leader in the upper house, currently held by former minister Damien Tudehope. He resigned mid-campaign after it emerged that he held undisclosed shares in tolling giant Transurban.

Roads Minister Natalie Ward is a likely contender to replace Tudehope, as one of the most senior women in the party. , which would have paved a possible path to her becoming party leader.

Tudehope would likely return to cabinet if the Coalition wins, as would Ayres.

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Who will lead the Liberals if Perrottet loses the election? - Sydney Morning Herald