Barbara Walters Retirement Confirmed, Formal Announcement Monday

Barbara Walters is expected to announce her retirement during Monday morning's episode of "The View."

The 83-year-old veteran journalist will be confirming longstanding rumors of ending her five-decade-long career with the announcement.

Moreover, Walters' retirement would mark the end of her co-hosting duties on ABC's "The View."

An early announcement of Walters' retirement would be fitting since the iconic broadcaster is a staple on ABC News, where her send off is expected to be complete with a formalized tribute. The retirement would begin in May 2014.

ABC announced Sunday that Walters would continue to anchor and report for the network throughout the year, including "The View," until her retirement begins.

"I am very happy with my decision," said Walters. "And look forward to a wonderful and special year ahead."

Furthermore, Walters noted that her retirement will be full is relaxation in the statement.

"I do not want to appear on another program or climb another mountain," the veteran ABC News anchor said. "I want instead to sit on a sunny field and admire the very gifted women- and, okay, some men, too- who will be taking my place."

However, Walters will remain an executive producer of "The View," which she created in 1997.

ABC News president Ben Sherwood said that "there is only one Barbara Walters," according to the statement.

"We look forward to making her final year on television as remarkable, path-breaking and news-making as Barbara herself," said Sherwood, promising "exclusive interviews, great adventures and indelible memories."

Previous rumors of Walters' retirement arose in 2010 after she accidentally was captured telling President Obama "I'm retiring next year."

The television journalist has spent 37 years at ABC News where she became the first female co-anchor on an evening news program in 1976.

Before coming to ABC, Walters had spent 15 years at NBC News where was a co-host on the "Today" show.

Meanwhile, Walters is not the only seasoned newswoman poised for retirement in the near future. Last month, Diane Sawyer was believed to be planning to retire as early as this year, but ABC silenced rumors about the star newswoman.