As the news broke, crowds of protesters cheered wildly in Cairo's Liberation Square.

The dramatic move comes after 17 days of popular revolt. The protests escalated sharply yesterday as labor unions joined the protest and went on strike.

There is no indication that Mubarak's resignation would necessarily quash the revolt as protesters are demanding a complere regime change.

8:00  am PST:  CIA Director Leon Panetta is quoted saying that Mubarak's departure could indeed step down as early as today.

8:20 am PST: CNN reports that "administration sources" confirm they "believe" Mubarak plans to turn power over to his VP by as early as the next few hours.

8:55 am PST:  The Egyptian military has asserted its power, announcing to demonstrators "All your demands will be met today."  The statement, made by Gen. Hassan al-Roueini, is being called the first stage of a military coup that would lead to short-term military leadership of the country.  The crowd in Tahrir Square believes "the regime has fallen."

9:06 am PST: CNN reports an Egyptian official said President Mubarak will step down today and hand power over to the military.  This official and American officials are saying this is not a coup.

9:12 am PST:  Egyptian State TV showing footage of protestors shaking hands with military, with footer reading "Egypt Is Changing."

9:38 am PST: Mubarak scheduled to deliver television address  in the next three hours according to the BBC.  There are conflicting reports as to whether he plans to turn over power to the military or to Vice President Omar Suleiman.

9:50 am PST: Egypt's Information Minister denies that Mubarak is stepping down.

10:38 am PST: President Obama: "We are following events in Egypt closely.  We are watching history unfold.  It's young people who have been at the forefront, a new generation who wants their voice to be heard...America will do whatever we can to help support an orderly transition to democracy.  What happens across the globe has an effect on all of us."

11:16 a.m. PST: Protestor tells Al Jazeera that even if Mubarak steps down, protests will continue in Tahrir Square until "all demands are met" and entirely new system is in place.  "We are not tired of going out every day. It's no problem with us."