Oxford is one of the best universities in the world.

The very best, according to the current edition of Times Higher Education, or the third best behind the Massachusetts Institute of Technology (MIT) and Imperial College London, according to the international QS World University Rankings.

Either way, it is la crème de la crème of the UK’s higher education sector, one of the few areas of international competition where this country can claim to be truly “world-beating”.

This means that being the figurehead representing the university as its chancellor is one of the most desirable berths for a senior member of the British establishment, including former prime ministers and political leaders.

Now there is a vacancy following the decision of Lord Chris Patten to retire at the age of 80 after 20 years as chancellor.

Applicants, including some household names, have just a week until 11.59pm on Sunday 18 August to get their nominations in.

However politely this election will be fought out behind the scenes, the battle for the job will do more than pitch rival “retired” politicians against each other.

Woke will come up against anti-woke, many would-like to see the first female chancellor and there is a strong tide among the academics who work at the university to install one of their own rather than the statesmen who have presided over them since Tudor times.

Technology allows for a more open contest

The chancellorship dates back exactly 800 years. Oliver Cromwell, the first Duke of Wellington, and prime ministers Lord Salisbury and Harold Macmillan are some of those who have occupied the post.

This contest will be more open than ever because for the first time all members of the so-called “convocation”, including more than 250,000 graduates of the university, will be able to vote online.

Until now voters had to turn up at the Sheldonian Theatre, suitably gowned, to cast their ballot in person. Less than 6,000 turned out at the last two elections.

In 1987 Roy Jenkins, the former Labour chancellor of the exchequer and home secretary, founder of the Social Democratic Party and president of the European Commission beat Sir Edward Heath, the former Conservative prime minister.

The TV puppet Roland Rat also threw his cap into the ring.

Conservative Party chairman Mr Patten was elected chancellor after Mr Jenkins’s death in 2003.

Mr Patten won the 1992 election for John Major but lost his own seat, before being appointed the last governor of Hong Kong. While at Oxford, Mr Patten pulled off a remarkable establishment double as chairman of the BBC.

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High profile names rules themselves out

Well-known names who have been touted in the frame this year include former prime ministers Tony Blair, Boris Johnson and Theresa May and former cabinet ministers William Hague, Peter Mandelson, and Rory Stewart as well as former Pakistan prime minister and cricket captain Imran Khan.

All of them happen to have gone to Oxford, although this is not a requirement to be chancellor.

It is not the done thing to campaign openly. Would-be candidates are supposed to make their interest known quietly and then hope the required 50 members of the convocation sign their nomination papers.

Former Tory leader William Hague and New Labour master of the dark arts Peter Mandelson have both publicly expressed an interest.

Theresa May, Boris Johnson and Rory Stewart have all pulled out before the starting line. Voting will be done on the transferable list system and it is likely they would have been either too controversial or lowly rated to beat the other two.

Tony Blair ruled himself out of running from the outset.

There will also be some fringe candidates: the Reverend Matthew Firth of the so-called Free Church of England plans to stand on an anti-woke ticket.

The same can be said of the Reverend Nigel Biggar, former regius professor of moral philosophy at the university, whose book Colonialism: A Moral Reckoning was praised by many traditionalists on the right of British politics.

While Maxim Parr-Reid’s main qualification appears to be representing his college, Trinity Oxford, on University Challenge.

None of the political names above are favoured by the university establishment of academics.

Earlier this year the university bureaucrats were accused of attempting a “stitch-up” when they set up a committee to “vet” candidates “with due regard to the principles of equality and diversity”.

This was interpreted as an attempt to hobble the chances of the white male politicians who have been chancellor so far.

In May, The Times welcomed the university’s decision to drop pre-vetting as “a victory for fairness and common sense”.

Undaunted, many who work at the university are gravitating to a favoured candidate of their own. She is Lady Elish Angiolini, a distinguished lawyer and former solicitor general of Scotland.

She is a Dame Commander of the British Empire (DBE) and Lady of the Order of the Thistle and has conducted independent inquiries for governments, including into the murder of Sarah Everard by a serving police officer.

Female, Scottish, of Irish Catholic descent and a graduate of Strathclyde University, she would certainly be different.

Lady Angiolini is also an Oxford insider. She has been principal of St Hugh’s College, Oxford since 2012 and a pro-vice-chancellor of the university.

She is certainly running, although it is not clear how she gets round the regulation that “the chancellor cannot be an employee of the university”. Perhaps it is acceptable for her to resign if elected, but not as a candidate.

Members of “elected legislatures” are also barred from applying. So Mr Mandelson and Mr Hague are good to go.

So is Mr Khan, currently in prison and disqualified for political office. It is not clear if not-being British could rule out a candidate, although one fringe aspirant, Nigerian Onyeka Nwelue, thinks it probably does.

Oxford academics guard their control of the university jealously. Famously the so-called “congregation” made up of every professor and lecturer voted not to award Margaret Thatcher an honorary doctorate even though she was Britain’s first woman prime minister and a graduate of Somerville College Oxford.

Given Oxford’s high standing in global academia, many would argue if “it’s not broken, why fix it”.

But Oxford’s great achievements are, at faculty and institute level, almost in spite of the intricate and self-policing college and university governance systems.

As a result, there have been a number of scandals, including most recently a successful attempt to drive out an outsider appointed as dean of Christ Church, which cost the college many millions of pounds.

Prominent academics of my acquaintance express delight when they move on from Oxford.

The governance of Oxford is not like most other universities – or indeed public companies – which have a board made-up of executives and non-executives, presided over by a chair.

When I suggested such a system should be applied to the colleges and the university, the professor I was sitting next to at an Oxford high table refused to speak to me for the rest of the meal.

The chancellor of Oxford does not even have the powers of a chairman of the board and is side-lined into ceremonial and PR functions.

That said, the male politicians who have been chancellor until now have generally done well by the university. Giving an outsider of proven achievement more of a say would be beneficial, even for the best university in the world.

The final candidates will be not known for another week.

The choice looks likely to be whether the university keeps its face turned outward – as it always has in the past – or whether the academics take back even more control.

The many thousands of graduates – most of whom have long got over their university days – have the power to decide, provided they know there is an election on and register to vote, deadline being 18 August.

Voting takes place on 28 October, with a second round if, as seems unlikely, there are 10 or more qualifying candidates.

The new chancellor is likely to be there for at least 20 years – unless the university succeeds in its bid for term limits.

May the best person, Oxford or non-Oxford, male or female, win.