Citing unidentified sources, the BBC and Sunday Telegraph said detailed talks regarding Hayward's future had taken place over the weekend. The BBC said a formal announcement on Hayward's exit is expected in the next 24 hours; the Telegraph said it would be made in the next 48 hours.

The Sunday Times reported directors are "considering a plan under which (Hayward) would leave as soon as the ruptured well is sealed."

Hayward, 53, has come under heavy criticism for his leadership following the April 20 fire and explosion on the Deepwater Horizon in the Gulf of Mexico. He has repeatedly apologized and expressed sorrow for the oil leak, but in May, he shocked some US residents when he said "I'd like my life back," and weeks later went yachting.

BP is due to release its second quarter results on Tuesday, and the board of directors is scheduled to meet before the earnings announcement.

Robert Dudley, who is currently heading the effort to clean up the Gulf Coast, is mentioned by many as Hayward’s likely successor. Dudley is currently BP’s managing director, and grew up partly in Hattiesburg, Mississippi. He lost out to Hayward on the CEO’s slot three years ago.