Gov. Eliot Spitzer will reportedly announce his resignation at 11:30 a.m.

Sources have told various media outlets that he is currently in the process of informing state officials of his decision. According to published reports, Spitzer wanted to use the resignation in negotiations with federal prosecutors to avoid jail time.

The announcement comes on the heels of Spitzer's alleged involvement in a prostitution ring. Sources said Spitzer was caught on a federal wiretap arranging to meet in a Washington hotel room with a prostitute from a call-girl business known as the Emperor's Club VIP.

Lt. Gov. David Paterson would take over for Spitzer after his resignation.

The governor's resignation will take effect Monday.

Republican Senate Leader Joseph Bruno, speaking at a news conference Wednesday morning, called the crisis "unlike any other ever faced in the state's history."

"?[It is] imperative that we join together and do what is best for 19 million people of this state," Bruno said.

Bruno said the turn of events transcends the political sniping and battles that have gone on between him and the governor.

"We're going forward on managing the affairs of the people," adding that the Senate will pass its version of the state budget today, restoring proposed cuts to schools.

Bruno, who will also take on the responsibilities of lieutenant governor, told reporters he has an "excellent relationship" with Lt. Gov. Paterson.

Profileof Lt. Gov. David Paterson

Spitzer probe originated in Hauppauge IRSoffice

Report links Spitzer to prostitution ring

New York State Constitution