Julie Bishop is weighing up her political future and could move to the backbench immediately ahead of leaving Parliament at the next election under a scenario MPs fear will rob the government of one of its best performers.

Last week's Liberal Party leadership implosion ended the West Australian's 11-year run as deputy Liberal leader, and removed her guaranteed right to remain Foreign Minister in Prime Minister Scott Morrison's impending ministerial reshuffle.

Ms Bishop contested the ballot in a three-cornered contest against Mr Morrison and Peter Dutton on Friday. She was knocked out in the first round with just 11 votes out of the 85-member party room. In the final round, the majority of her supporters locked in behind Mr Morrison, securing him the prime ministership.

Mr Morrison praised Ms Bishop as an "amazing contributor and driver of foreign policy" and "an advocate for Liberal values from one end of this country to the other and one end of this world to the other". He vowed to talk to her about what role she would like to play in the government, which was interpreted as a willingness for her to remain in the highly sought after portfolio.

However senior Liberal figures believe the 62-year-old will walk away from politics at the next election after a 20 year career in federal Parliament, and may even decide over the weekend against being part of Mr Morrison's frontbench team.

In a statement, Ms Bishop said: "I remain committed to the interests of the people of Western Australia and our nation. Any decision about my future will be made in that context."

Arriving home in Perth on Saturday, Ms Bishop said she would take time to "reflect over the events of the last week and I am considering my options".

Some supporters believe Ms Bishop should be a candidate to replace Sir Peter Cosgrove as Governor-General when his five-year term expires in March next year. They point to Ms Bishop's public popularity, her background as a lawyer, and working relationship with federal Labor figures.

One Liberal figure said the Foreign Minister had been "treated like sh-t" by conservatives and many moderates.

"If people were thinking about how to have a hope of winning the election instead of whether the conservatives or the moderates controlled the party, they would have flocked to Julie," the Liberal said. "But people weren't thinking straight."

Fairfax Media understands one of the Coalition's most senior figures, Mathias Cormann, will return as finance minister and leader of the government in the Senate -positions he held before withdrawing support for Malcolm Turnbull's leadership on Thursday. Senator Cormann met with Mr Morrison at Parliament House on Saturday.

Party unity is behind Mr Dutton's likely return to the home affairs ministry, however there is speculation two of Mr Turnbull's strongest supporters -Defence Minister Marise Payne and Education Minister Simon Birmingham -- could be demoted or moved to other ministries.

Backbencher Stuart Robert, who was sacked from the frontbench in 2016 for breaching ministerial rules during a trip to China, is in line for a promotion.

A win by Ms Bishop on Friday would have concerned Labor given her strong personal approval ratings and high support in preferred Liberal leader polling. She is also regarded as one of the Coalition's most effective fundraisers.

Opposition Leader Bill Shorten told Fairfax Media on Saturday that many voters would have preferred Ms Bishop.

"I'm not silly. I get out and about. I've been at school functions last night, parkrun this morning, a bit of shopping at the local market today, and people are confused," Mr Shorten said.

"They voted for Malcolm Turnbull and they really like Julie Bishop, and they've got someone half of Australia has never heard of. They've been ignored."

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Mr Turnbull on Friday declared Ms Bishop had been Australia's "finest" foreign minister.