Shadow health minister Andy Burnham, a member of former Labour prime minister Gordon Brown's government, is the bookmaker's favourite.
He has vowed to be "a leader whose voice can carry into all the nations and regions of the UK" following the collapse of support in the party's traditional heartlands.
Reformer Liz Kendall, 44, is second favourite, despite having only been elected to parliament in 2010.
She has been critical of the party's shift to the left under Miliband, saying "fundamental reform is essential to the future survival of our party."
Veteran left-winger Jeremy Corbyn completes the line-up after a succesful last-minute attempt to secure the support of at least 35 of Labour's MPs -- 15 per cent of the total.
Shadow environment secretary Mary Creagh pulled out of the race on Friday after it became clear she lacked the support to be nominated.
Labour Party representatives, members and affiliates will decide the result, which will be announced at a special conference on September 12.
The party is locked in debate about whether it should maintain its leftward shift, or return to the centrist platform of former leader Tony Blair, and how to counter the image of being dominated by its London-based members.
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