The executive of the Ulster Unionist Party meets today for the first time since its disastrous showing in last week's Westminster and local government elections.
The party lost all but one of its seats in the Commons and 39 council seats across Northern Ireland and suffered a drop of 5 per cent in popular support.
The 200-strong executive meets at party headquarters in Belfast to discuss the disastrous election showing and the subsequent resignation of leader David Trimble, who also lost his Upper Bann seat to the DUP.
According to one well-placed source, the party's Assembly group has tabled a proposal for discussion outlining what it believes should be the way forward.
Unionist sources told The Irish Times that opinion is divided between those who see an urgent need for the quick election of a new leader and those who wish to "play for time".
It is possible the executive could opt for the announcement of some sort of consultation process before a timetable for a leadership election is agreed.
Some, including Lady Sylvia Hermon, the party's sole MP, believe it is urgent that a new leader be chosen quickly and that a line be drawn under the party's recent past.
Many fear that negotiations involving Sinn Féin, the DUP and the British and Irish governments could lead to the conclusion of an outline agreement within months which could prompt a fresh Assembly election.
If this were the case, they argue, then the Ulster Unionists would need to have a new leadership well established in time for any election campaign.
According to another source, this morning's executive meeting will probably result in a statement being agreed that will indicate the party mood over the question of a new leader and future policy direction.
The meeting will be chaired by party chairman Jim Cooper.
Sir Reg Empey, a senior figure in the leadership and an Assembly member for East Belfast, said there was "no sense" as to how the mood of the executive would go. Referring to the election results, Sir Reg said: "If we had our two or three Westminster seats it wouldn't have been so bad."
Turning to the prospects of resumed negotiations involving the parties and the two governments in the autumn, he warned London and Dublin against concentrating all their efforts on Sinn Féin and the DUP.