Michael Heseltine, who has stood down as Conservative MP for Henley, is expected to be given a seat in the House of Lords by Tony Blair on Saturday.
More than 20 new peers - all retiring MPs - will take Tory numbers in the Lords to 229, the Liberal Democrats to 66 and Labour to more than 200.
Michael HeseltineThe Independent Appointments Commission, headed by Lord Stevenson of Codenham, took a month to select the new peers.
The Prime Minister has decided not to give a peerage to Gerry Bermingham, who resigned at the last minute to free his St Helens South seat for Tory defector and former Witney MP Shaun Woodward.
The dissolution honours list is published with every General Election and almost always comprises veteran MPs who are standing down.
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