Police Minister Judith Collins and Health Minister Jonathon Coleman withdrew their nominations and said they were putting their support behind English, whom Key named his prefered successor when he announced his sudden resignation earlier in the week.
Their decision not to contest the leadership came as polling of MPs within the ruling National Party showed English had the numbers.
"At least 30 MPs have committed to backing English, meaning he has half of the votes of National's 59-vote caucus," the New Zealand Herald said, listing the names of the pro-English camp.
"It is clear to me that 50 per cent of the caucus support Bill English as the leader and therefore as far as I'm concerned he has won," Collins said.
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A caucus vote on the leadership is still scheduled for Monday.
English has said he will hand his finance portfolio to Steven Joyce, the current economic development minister.
The popular Key resigned for family reasons, having recently marked his eighth anniversary as prime minister and 10th year as leader of the centre-right National Party.
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