Treasurer Scott Morrison has pledged allegiance and hugged embattled PM Malcolm Turnbull during a media call on Wednesday afternoon.

Mr Turnbull fronted the press with Morrison and Finance Minister Mathias Cormann following speculation he could be about to face a second leadership challenge.

There were various reports on Wednesday morning that Morrison was ‘counting numbers’ for Peter Dutton or perhaps even considering running himself, both of which the treasurer rejected.

Mr Morrison appeared surprised when asked at the press conference whether he had any leadership ambitions.

Morrison: “Me? This is my leader [Embraces Turnbull]. And I’m ambitious for him.”

Turnbull: “There you go. Good on you. Thanks, ScoMo.”

Asked if he believed he would face another challenge this week, Mr Turnbull said “no”.

WATCH: