The exit of embattled BP boss Tony Hayward looks set to be finalised at a board meeting in London, with a formal announcement on his future expected soon after.
On Sunday night, a US government official all but confirmed that the chief executive was on his way out, saying senior BP figures had briefed late last week of a change of leadership.
Throughout the weekend, Mr Hayward was reported to be in discussion with senior management over his severance package.
It is believed that the terms of his employment entitles him to a payout of at least £1 million. The Daily Telegraph reported that his pension pot could be as much as £10.8 million.
A spokesman for BP maintained that Mr Hayward continued to have the "full support of the board and senior management" and that the company would not comment on "speculation".
But it is now widely expected that Mr Hayward - the man who has soaked up much of the criticism over the Deepwater Horizon oil spill - will step down, with a statement expected some time on Monday.
Bob Dudley, currently BP managing director, is tipped to be his successor. BP was quick to stress Mr Dudley's links to the American south when he took over day-to-day running of the clean-up operation.
Mr Hayward himself noted that "having grown up in Mississippi, Bob has a deep appreciation and affinity for the Gulf Coast".
The potential elevation of an American to the post of chief executive could take some of the venom out of attacks from US politicians over BP's handling of the disaster.
The extent of the damage to BP's balance sheet caused by the Gulf of Mexico crisis will be revealed on Tuesday when it posts its latest results. It is believed that the massive compensation and clean-up costs associated with the slick is likely to have plunged BP into the red for the first time since 1992.
