Former Northampton South MP Brian Binley says he would stand again for the seat if "called upon" by the national Conservatives
Late last night David Mackintosh announced he would not be contesting the seat he has held in the town for two years, following speculation over his role in the failed Sixfields loan.
In doing so he has avoided facing a vote of the Northampton South party membership on Tuesday night, which he would have needed to win in order to stand again.
However, in recent days there have been rumours that his predecessor, Brian Binley, would make a bid for the candidacy.
Addressing those this morning, he said: "I have no thought in my mind that I should (stand).
"I haven't committed to anything yet. In my mind the important thing is to wipe the slate clean and to win the seat.
"We have to pick the best person to do that."
But asked whether he considered himself to be the best person, he added: "No-one has approached me and my life at the moment is quite happy.
"But I suppose there are extreme circumstances in life - there are times when you have to answer your country's call.
"If that is the case, fine - if not then I would be equally delighted to continue with the life I have."
The central Conservative party will now suggest three potential, approved, candidates to stand in the Northampton South seat.
It is not known yet who they will be, but the party's candidacy needs to be submitted by May 11.
With the UK pulling out of Europe, several members of the European Parliament are looking for seats to run in on June 8.
Mr Binley said David Mackintosh was right to not fight for the seat again amid mounting pressure from the Northampton South Conservative Association, executive members of which have said they would not back him.
One senior member even revealed they would resign if Mr Mackintosh was selected as candidate.
"I think it's right and proper decision for a member of parliament at the centre of a police investigation just before an election," said Mr Binley.
"The important thing for Mr Mackintosh to do is to step back, clear his name and think about his political future once that has happened."
Mr Mackintosh has always denied any wrongdoing in the failed £10.25 million loan to Northampton Town when he was leader of the borough council and has always said that he welcomed the on-going police investigation.