Update: Mubarak started off by saying that he is a father speaking to his children, which struck me as the wrong tone. Then he proceeded to dig in. He said he's not going anywhere. Very disappointing for the Egyptian people.
Update: Watch live stream of Mubarak's statement here.
Update: Reports that Mubarak will make a statement at 1:30 pm eastern time, the same Obama speaks on wireless initiative. Mubarak will speak live from the palace, according to Egyptian State News.
Stay tuned to Al Jazeera's live stream, where there are conflicting reports about whether Mubarak will step down.
Egypt's President Hosni Mubarak is to step down tonight, two sources told NBC News, amid widespread protests against his 30-year rule that have gripped the country.
Following an all-day meeting of the country's supreme military council, the army said all the protesters' demands would be met and a further statement was due to be made later Thursday, clarifying the situation.
NBC News reported that a high-ranking source inside the president's office said that Mubarak would step down and the newly appointed vice president, Omar Suleiman, would take over. This was then confirmed by a second source.
The news came following repeated warnings of a military crackdown or coup.