Tory MPs John Bercow and Sir George Young are the only candidates left in the race to replace Michael Martin as Commons Speaker.
Conservative backbencher John Bercow has won the race to become the next Commons Speaker.
In the second voting round, Mr Bercow got 221 votes - short of the 50% needed to win - while Sir George got 174.
The Buckingham MP received 322 votes to his rival and fellow Conservative MP Sir George Young's 271.
Tory veteran Ann Widdecombe was knocked out after getting only 30 votes while Margaret Beckett, Sir Alan Beith and Sir Alan Haselhurst dropped out.
Mr Bercow was "dragged" to the chair - a tradition for the new Speaker. A message will now be sent to Buckingham Palace for approval.
The third round of voting has begun with a result expected around 2030 BST.
He will replace Michael Martin, who stepped down after nine years in the job amid the furore over MPs' expenses.
In the earlier ballot Mr Bercow polled 179 to Sir George's 112 votes, a lead of 67. In the second round both increased their votes but the gap narrowed to 47.
'Age of respect'
Speaking outside the Commons Ann Widdecombe said she did not want to speculate about why she had not got enough votes but said she would be voting for Sir George Young, as the more "unifying" candidate.
But she said: "It's too close to call - at this moment people are talking about less than 10 votes between the two candidates."
Most of the candidates pretty much committed themselves to making the House of Commons a lot stronger Sir Alan Beith
Margaret Beckett had received 70 votes while Sir Alan Beith and Sir Alan Haselhurst, received 46 and 57 votes respectively.
Lib Dem MP Sir Alan Beith said he hoped that whoever wins, they would take through some of the reform proposals that had come up during the contest.
"Most of the candidates pretty much committed themselves to making the House of Commons a lot stronger," he told the BBC.
"If we don't do that now, the public will want our heads."
'Skulduggery'
Four other candidates were eliminated in the first round of votes.
In short speeches to the Commons earlier, all 10 hopefuls stressed the need for reform after public outrage over MPs' expenses revelations - the issue that led to Michael Martin stepping down as Speaker after nine years.
Sir George, chairman of the Standards and Privileges Committee, said he wanted the House of Commons to be more "relevant" and more "accessible" adding: "We have left behind the age of deference, we need to arrive at the age of earned respect."
SECOND ROUND VOTES John Bercow - 221Sir George Young - 174Margaret Beckett - 70Sir Alan Haselhurst- 57Sir Alan Beith - 46Ann Widdecombe - 30
Meanwhile backbencher Mr Bercow said the Commons must move the debate on from "sleaze and second homes" to "the future of this House".
Earlier Labour MP Stephen Pound had complained that government whips were "touting Margaret Beckett" and said that they should "stop doing it".
"There is a lot of skulduggery going on... it is a depressing example of MPs looking inwards to their own advantage when we really should be looking outwards," he told the BBC.
But Harriet Harman, the leader of the Commons, denied the government were attempting to sway the contest.
"There is no skulduggery, nor should there be," she told the BBC.
"Not only is it the most free of free votes, it is a secret ballot. There is no government line and therefore there is no whipping."
Mr Martin became the first Speaker to be forced from office in modern times following widespread public anger at the number of MPs who were seen to take advantage of the Commons' expenses rules.
His replacement will inherit the role of adjudicating MPs' debates, representing Parliament to outside bodies, as well as overseeing the administration of the House of Commons.
As the candidates prepared for the ballot, Mr Martin formally stepped down as an MP, paving the way for a by-election in his constituency of Glasgow North East.
The Treasury announced that he had been appointed Steward and Bailiff of the Manor of Northstead - a procedural device which allows MPs to resign between elections.
