Heather Humphreys emerges as favourite for Fine Gael presidential nomination
Ms Humphreys had earlier this year said that she would not be contesting the presidency having retired from politics before last year's general election to spend more time with her family.
However, the Monaghan woman could be set for a remarkable return to politics following Ms McGuinness's announcement on Thursday that she would be withdrawing from the race on medical grounds.
Sources within Fine Gael said they believe "the landscape has changed" sufficiently for Ms Humphreys to consider a run if she were approached by the party's leadership.
"Heather is someone who could win and I think could be convinced in the circumstances," a senior party source said.
Ms Humphreys did not respond to a request for comment on Friday.
Ms Humphreys' candidacy was backed by one junior minister from outside her party, with independent TD Michael Healy Rae saying he would back Ms Humphreys "wholeheartedly".
Quite simply because she's a very well-grounded person, what I would call a sound, solid political performer. She'd be an excellent person, both nationally and internationally, to fly the flag for Ireland. I would consider her a very safe, sound pair of hands.
Ms Humphreys could face a battle for the nomination from Ireland South MEP Sean Kelly. Mr Kelly was believed to have been interested in a run when nominations opened last month, but withdrew without being nominated. It is understood that he is considering his position in light of Ms McGuinness's withdrawal. The former GAA president has been a huge vote-getter for Fine Gael in the south of the country, taking over 127,000 votes in last year's European elections.
One former minister who will not be tempted to return, however, is Frances Fitzgerald. She confirmed to the Irish Examiner that she would not seek the nomination, having declined to do so earlier this year.
Former minister for foreign affairs Simon Coveney is another name which has been suggested by party members, though he has not responded to speculation.
The Fine Gael Executive Committee is set to meet over the weekend to decide the party's next steps.
Ms McGuinness's withdrawal means that independent Galway TD Catherine Connolly stands alone as the only candidate currently with the requisite support to be on the ballot. On Friday, Ms Connolly said that she "truly" wishes Ms McGuinness the best. She said it was "premature" to speculate on how the race might be affected by the withdrawal of the former European Commissioner.
While a date hasn't been set for the election, there is growing belief within government parties that it will come in late October.
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