From the NY Times at 9:50am EDT:
Gov. Eliot Spitzer, reeling from revelations that he had been a client of a prostitution ring, will resign today, some of his staff members said they have been told, though the precise timing remains unclear.
Lt. Gov. David A. Paterson would then be sworn in to replace him in Albany. But because even Mr. Spitzer’s most senior aides have been so surprised by revelations of their boss’s behavior, they said that they cannot be certain about a resignation until Mr. Spitzer makes it official.
...According to aides, the governor also contemplated the possibility of impeachment charges and the legal ramifications of not resigning. But he was faced with little support among Democrats in the Legislature, with whom he has had an often contentious relationship.
“An impeachment proceeding would force Democrats to either abandon him or defend him,” said one leading Democrat. “They would abandon him.”
update:ABC News has picked this up, says Paterson is the source:
New York Lt. Gov. David Paterson has told New York officials that Eliot Spitzer will resign as governor today. The resignation letter, which was drafted yesterday, is expected to be submitted to the New York secretary of state this morning, according to officials involved in the process.
update #2 CNN and MSNBC confirm.
NEWS CONFERENCE IS SET FOR 11:30am LIVE ON CNN.
I have to run to work, will try update when I get there...