Prince Andrew will stand down as Britain's trade envoy, four months after his links to a sex offender prompted calls for him to resign, Sky News and the Daily Mail have reported.
The prince, 51, is expected to leave his job as the government's special representative for international trade and investment, which he has held since 2001, but he will continue to promote UK trade by travelling the world in a less formal role.
Earlier this year, the prince was found to be friends with American billionaire and convicted sex offender Jeffrey Epstein. Further controversy arose over WikiLeaks revelations that questioned his abilities as a global ambassador.
Former minister Chris Bryant, an MP for the Labour party, said: " I think the charge list against him is so long now that he is a bit of an embarrassment."
It is understood that the prince will make his announcement within the next few days, having already consulted with the Queen and spoken to Downing Street about the move. Lord Jones, the prince's former advisor, said it was right for Andrew to stand down.
The prince will take up a new role with a greater domestic focus, helping drive an increase in the number of apprenticeships for young people in British Industry.
The prince is understood to have said that he was "very, very worried" about his role back in March, as the Epstein scandal reached its height. He allegedly spoke to a Kazakh businesswoman and close friend, but the prince now denies having discussed the matter with her.
Prior to the wedding of Prince William and Kate Middleton it was reported that the Queen summoned Prince Andrew to a meeting at Buckingham Palace to discuss the scandal, which threatened to overshadow Duke and Duchess of Cambridge's big day.
Pressure continued to mount, with one former ambassador writing to William Hague, the Foreign Secretary, and Vince Cable, the Business Secretary, calling for the Duke to be dismissed as envoy "as soon as possible" amid fears the affair was doing "serious damage" to the Royal Family and to Britain.
Andrew's office at Buckingham Palace declined to comment, as did the UK Trade and Industry (UKTI), who help decide the destinations the prince's trips.