HP is expected to replace CEO Léo Apotheker with former eBay chief Meg Whitman.
HP's move to remove its CEO follows a recent shake-up at the company, when Léo Apotheker announced HP was to sell its market-leading PC business.
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HP is expected to announce the change by the close of business in the US today (22 September 2011).
Last month HP announced it was to ditch its TouchPad tablet range and seek a potential buyer for its PC division, while confirming its acquisition of UK software company Autonomy for £7.1bn
At the time Apotheker stated that the decision to dump the PC business and TouchPad were part of a strategic shift to focus on higher-margin businesses such as cloud computing and software.