Labor caucus will decide their new leader on Friday

THE Labor Party caucus will gather in Canberra on Friday to decide who will lead the party into the 44th Parliament.

Reports on Tuesday confirmed the new Labor caucus would meet to decide which of the two front-runners - Bill Shorten and Anthony Albanese - would lead the party after Kevin Rudd's resignation.

Neither Mr Shorten nor Mr Albanese have confirmed whether they will stand for the leadership.

Other potential leadership contenders, Chris Bowen and Tony Burke, have each ruled themselves out of the caucus ballot, while Mr Burke has confirmed he may consider the role in the future.

While Mr Rudd's resignation was largely welcomed by the party, it has left a vacuum at the top, with his successor to take on a role which is unlikely to translate into a leadership role in government. Most pundits are pointing to at least two terms of a Coalition government.

Other senior Labor figures also hit out at Mr Rudd's performance in the past three years, with former senior minister Craig Emerson blaming him for destabilising the Gillard leadership.

Mr Emerson, who has since resigned from parliament, also called for Mr Rudd to resign altogether from politics.

But Rudd-supporter Senator Kim Carr recently said he expected Mr Rudd to fulfil his three year-term, in line with statements from the former prime minister before last week's poll.