Former House Majority Leader Tom DeLay permanently resigned as Majority Leader in a letter to House Republicans. DeLay’s announcement triggers leadership elections (to be called by the Speaker) that rumors have to be either Jan. 26, bringing Members back prior to President Bush’s Jan. 31 State of the Union speech or on Feb. 2. Either way, the Speaker will want to have this dealt with prior to the Feb. 9-11 GOP Conference retreat.
Ohio Rep. John Boehner, chairman of the Education & the Workforce Committee and Missouri Rep.
Roy Blunt, Majority Whip and acting-Majority Leader are considered to be definite candidates to succeed DeLay. House Rules would not require Blunt to resign as 
Whip meaning he could continue in that capacity if he failed to win the Leader’s post.
RSC chairman Mike Pence of Indiana is rumored to be a candidate for Leader as is Rep. John Shadegg of Arizona, chairman of the House Policy Committee (he succeeded Chris Cox in this role). Shadegg is a leader of the RSC so it is unlikely that you would see both men seek the post.
If Blunt is successful, that would trigger an election for Whip which currently would seem to include
Rep. Eric Cantor of Virginia, currently Chief Deputy Whip and acting-Whip, Rep. Mike Rogers of Michigan, the Whip’s coalition director, and Rep. Zach Wamp of Tennessee, on of the ’94 babies.
There are some rumors that there would be full-slate leadership elections 
including the Speaker though if this is true, it is unlikely that he would resign. This would be a smart play on his part as he would likely be unopposed and cement his position as the leader of the GOP Conference.
Stay tuned.