Cameron will be Prime Minister by tomorrow morning*
The Tories are optimistic that they'll get an agreement to form a coalition with the Liberal Democrats rather than support for a minority government. They think this will be the most stable government possible. Clegg will be Deputy Prime Minister.
George Pascoe-Watson has tweeted that the LibDems will have six Cabinet places in all. SIX! Fraser Nelson, in contrast, says "Senior Tories say most likely outcome is minority gvt, with libdems in confidence-and-supply deal."