Mutinous Labour MPs have been warned they risk triggering a snap General Election if they force out Keir Starmer this week.
Allies of the embattled Prime Minister claim that none of his rivals have enough support to produce a stable government.
And they warn that tight public finances mean that any attempt to open the spending taps further to appease Left-wing activists could trigger a collapse in confidence on the financial markets and send borrowing rates soaring.
One senior figure told the Daily Mail: 'People should be very careful what they wish for. There is no road to replacing the PM that does not lead to an early General Election.
'It is obvious that neither Wes [Streeting] nor Angela [Rayner] command the kind of overwhelming support you would need to produce a stable government.
'And there is just no scope for a sort of high-spending alternative agenda, whether it's Andy Burnham, Ed Miliband or anyone else pushing the idea.
'The opposition will be screaming for an election from day one. If the markets take fright too, it will be impossible to resist.'
Transport Secretary Heidi Alexander urged Sir Keir's leadership rivals to 'give your heads a wobble' before risking a divisive contest.
Mutinous Labour MPs have been warned they risk triggering a snap General Election if they force out Keir Starmer (pictured) this week
Angela Rayner (pictured) is said to be plotting to replace Starmer
She warned that the public would punish Labour if it descends into a 'self-indulgent debating society' at a time of global instability.
Two former ministers, Greater Manchester mayor Andy Burnham and ex-deputy prime minister Ms Rayner are said to be plotting to replace the PM, as well as Health Secretary Mr Streeting.
Setting out his case in The Observer, Sir Keir warned his party not to recreate the chaos of the last Tory government, which went through four prime ministers in five years, adding: 'Not this time. We have a choice. We could sink into the politics of grievance and division.
'Or we could rise to this moment – together – in a national effort that matches the scale of the threats and turbulence we face.'
Ms Alexander told Sky News: 'I don't think the public would thank us if the Labour Party turned into some sort of self-indulgent debating society when there are pockets of the world that feel like they are going to hell in a handcart at the moment.
'Those people who think that we should have a leadership election now and repeat the mistakes that the Conservative government made in churning through prime ministers probably do need to give their heads a gentle wobble.'
It was reported that Labour's ruling National Executive Committee (NEC) will now allow Mr Burnham to contest a Westminster seat, paving his way for a return to national politics with an eye for challenging for the leadership.
The NEC, at Sir Keir's instigation, barred Mr Burnham from standing in Gorton and Denton earlier this year.
Wes Streeting (pictured) is among those said to be seeking to take high office
Greater Manchester mayor Andy Burnham (pictured), a former minister, is also said to be angling for Starmer's position
Sir Keir's supporters are attempting to avoid a formal leadership challenge against the Prime Minister, and hope to kickstart a process for him to stand down after what are expected to be disastrous results for Labour on May 7.
The Mail on Sunday revealed that up to seven Cabinet ministers are preparing to unite to pressure Sir Keir into setting out a timetable for his departure if this week's local election results are as dire as expected for Labour.
A ministerial source said: 'It's about finding a way out that lets Keir go with some dignity. There won't be any public calls initially.
'But a significant number of Cabinet ministers have agreed that if the results are what we expect, he has to set out the timetable.'