Controversial Italian Prime Minster Silvio Berlusconi will resign, according to a statement released by the head of state's office.
President Giorgio Napolitano said Berlusconi will resign after a new budget law makes its way through Parliament. The budget law was expected to pass by the end of this month, but that might be accelerated due to the announcement, Reuters reported.
"Once this engagement is fulfilled, the Prime Minister will hand in his mandate to the head of state who will proceed with appropriate consultations, paying close attention to the positions and proposals of all political forces," the statement read.
"The political legend that is Silvio Berlusconi, is about to exit the building. Interesting to see, bet theres not a dry eye in the house," tweeted soccer player Jospeh Barton.
Rumors of Berlusconi's resignantion were flying yesterday, after two Italian journalists reported the Italian leader would step down in hours. Berlusconi called the rumors "baseless" at the time.
Despite the resignation announcement, there is some speculation that the announcement might be a political ploy, according to Richard Engel, the chief foreign news corespondent for NBC.
"Some Italians still skeptical, thinking Berlusconi could go back on his word," he tweeted.
However, Berlusconi has recently indicated that he was in a hurry to not only quit his job but leave his country.
"I'm leaving this [expletive] country that makes me feel like puking," Berlusconi allegedly told a reporter, according to NTN24News.com.
"In a few months I'm going to go away and mind my own [expletive] business," he allegedly added.