Labor senator Don Farrell is quitting the Senate deputy leadership race to make way for Kristina Keneally to take the job.

The move will allow Senator Keneally to be elevated, despite lacking the factional support to gain the job.

It means new Labor leader Anthony Albanese will have a leadership team that is half women - with Senator Keneally joining Penny Wong in the party's leadership positions in the Senate.

Labor will elect a new deputy leader this morning.

More to come.