Victorian Liberal leader Matthew Guy has quit the role after his party’s thumping loss in the state election.

Mr Guy released a statement to the media on Wednesday saying he would not recontest the leadership.

“Now that the parliamentary party has been called together, they will elect a new leadership team. I will not be a candidate for the position of leader,” Mr Guy said.

Mr Guy congratulated re-elected Mr Andrews for Saturday’s win.

“I would like to place on record my deep appreciation for the hard work of all my Liberal members in the last parliament,” he said.

“They were the most unified team of any parliamentary party in Australia.

“I also want to thank and acknowledge the work of so many Liberal candidates, the state secretariat and my own personal staff. They have given up so much and worked so hard.”

It’s understood shadow treasurer Michael O’Brien will put his hand up, as will shadow attorney-general John Pesutto, as long as he wins his seat of Hawthorn, which is sitting on a knife-edge by a couple of hundred votes.

Labor smashed the opposition and Greens at the weekend, taking seats off the parties and making previously safe seats marginal.

The election result is expected to deliver Labor 52 seats in the 88-seat Lower House, with six Liberal-held electorates still too close to call.

Premier Daniel Andrews said he wished his political opponent the best for the future.

“I’d say to him that I’ve been an Opposition Leader and I know that’s not an easy job,” Mr Andrews told the ABC.

“It’s tough on families, it isn’t easy and I genuinely wish him all the very best.

“To Renae and his boys, whatever the future holds for him, I only wish good things for him.”

-with AAP