That’s what the NY Post’s Fred Dicker is reporting in this article:

March 12, 2008 — Originally posted at 8:38 a.m. Updated at 10:119 a.m.

Gov. Eliot Spitzer has decided to resign and is notifying top state officials of his decision, The Post has learned.

Word began circulating of his decision in state political circles earlier this morning. The decision came after what one source called “an agonizing night,” as the governor’s wife, Silda Wall Spitzer, and the governor’s lawyers went over a possible plea deal offered by federal prosecutors, sources told The Post.

Lt. Gov. David Paterson, who has remained at his suburban Albany home for the past three days, was expected to be notified of Spitzer’s decision this morning.

Sources said Paterson has told friends that if he does become governor, he would like Sptizer to hold off his resignation until Monday to give him enough time to prepare for a transition. He will be the first black governor of New York.

The Associated Press reported that Spitzer will announce at 11:30 a.m. that his resignation will be effective Monday.

Spitzer was expected to leave his home around 10:30 a.m.

Based on this article on the WCBSTV website, it isn’t apparent that a plea has been reached with prosecutors:

When asked what the best-case scenario is for Spitzer, Fischetti said, “No charges, absolute resignation and contrition. I think the worst that could happen is a felony plea on a number of charges they could lodge against him.”

Fischetti said that as a former prosecutor himself, Spitzer would not want to plead guilty to a felony that could carry jail time, like tax evasion, money laundering or bringing a prostitute across state lines.

“The main thing I would do is not plead to a felony because if he does that his law license is toast,” Fischetti said. “He can’t practice law anymore.”

Spitzer’s and his counsel spent much of Tuesday holed up inside his Upper East Side apartment in talks with U.S. Attorney Michael Garcia and his aides. Any failure to reach an agreement may have to do with the pressure Garcia feels to make an example of Spitzer.

“It’s very important that [Garcia] expresses to the public that everyone is treated alike and he doesn’t charge someone who was the Attorney General and prosecuted crimes he will be subject to a lot of criticism if he lets [Spitzer] go because he was the governor,” Fischetti said.

Frankly, I’d prefer seeing the US attorney not enter into a plea agreement if that agreement allowed Spitzer to retain his license to practice law. He betrayed the public trust in a totally despicable way. He should pay a steep price for that. Letting him keep his license isn’t a strong enough punishment.

Technorati Tags: Eliot Spitzer, Plea Deal, Resignation, Disbarment, US Attorney, Michael Garcia

Cross-posted at LetFreedomRingBlog