It did that shortly before 2pm, announcing the north Queensland seat of Thuringowa had been claimed by Labor's Aaron Harper.
Labor is set to declare a win in Townsville, which would give the party 48 seats in the Queensland Parliament.
Premier Annastacia Palaszczuk has not accepted victory, although it would be usual for the opposing leader to concede first.
Treasurer Curtis Pitt is expected to be on the chopping block, amid reports he could be moved into the Speaker's role.
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Meantime, Mr Nicholls has confirmed he will be stepping down from the leadership of the LNP; Deb Frecklington looks likely to take over on a unity ticket with Tim Mander as her deputy.
Stephen Andrew is One Nation's sole MP after he took the central Queensland seat of Mirani from Labor's Jim Pearce.
"I pay homage to each and every volunteer who helped our campaign and to those who stood on polling booths, delivering our positive message until the end".
Whilst the people of Clayfield re-elected Nicholls for a fifth term, he has declared he won't be seeking to lead the party again.
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