Both Lord William Hague and Lord Peter Mandelson are in a race to become the next chancellor of the University of Oxford.

An election will be held for the first-ever time to decide the new Chancellor following 80-year-old Lord Chris Patten’s decision to retire later this year.

More than 250,000 Oxford graduates and former staff members will be able to vote online for the role which has only been held by three people since 1960.

These are former Conservative Prime Minister Harold Macmillan, ex-Labour home secretary and president of the European Commission Roy Jenkins and Lord Patten.

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William Hague and wife Ffion arrive at St Mary's Church in Brunton, Somerset.William Hague and wife Ffion arrive at St Mary's Church in Brunton, Somerset. (Image: Stefan Rousseau)

The latter has been in the unpaid role since March 2003 with the post itself dating back to 1224.

Lord Mandelson has chosen to step down as chancellor of Manchester Metropolitan University and told the Financial Times that he would be interested.

“I do feel passionately about universities and given I studied at Oxford it’s an important place to me,” he said.

“Obviously I would be interested, but running for election is a fraught business as I know too well, so it’s a decision I would not make in a hurry.”

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Lord Peter Mandelson leaves following the funeral service of Derek Draper in London.Lord Peter Mandelson leaves following the funeral service of Derek Draper in London. (Image: Jonathan Brady/PA Wire)

Lord Hague declined to comment but, according to the FT, told friends he is “highly likely” to let his name be put forward.

Both men attended the university as Lord Mandelson read philosophy, politics and economics at St Catherine’s College while Lord Hague read PPE at Magdalen College.

Former Tory Prime Ministers Theresa May and Boris Johnson are also seen as potential contenders.

It comes as there have been reports that former Pakistani prime minister, Imran Khan, will reportedly run for chancellor of Oxford University from his prison cell in Pakistan.

The controversial politician and cricket star will attempt to enter despite serving a10-year jail sentence.

According to Oxford University, the role of chancellor is the ceremonial head of the university, who is “usually an eminent public figure elected for life” and “presides over all major ceremonies”.

“Imran Khan will contest for the chancellor of Oxford University as there is a public demand that he should contest,” Mr Khan’s advisor on international media Syed Zulfi Bukhari told The Telegraph.

Mr Khan is currently in jail over allegations of stoking protests and violence against the Pakistan military on May 9 last year. He has denied the charges.

Mr Khan studied Economics and Politics at Keble College, Oxford in 1972 and also captained the cricket team of Oxford University.

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