Robert Peston on why BP needs a new leader
BP's chief executive Tony Hayward has been negotiating the terms of his exit from the company, the BBC has learnt.
A formal announcement is likely within the next 24 hours.
Mr Hayward has been heavily criticised for his handling of the Gulf of Mexico oil leak, and for what some see as a series of public relations gaffes.
BBC business editor Robert Peston says it is likely he will be replaced by his US colleague Bob Dudley, now in charge of the clean-up operation.