Rupert Murdoch

Rupert Murdoch arrives to the 2015 Vanity Fair Oscar Party on Feb. 22, 2015 in Beverly Hills, California. 

ADRIAN SANCHEZ-GONZALEZ/AFP/Getty Images

Rupert Murdoch is planning to step down from his role as 21st Century Fox CEO, sources confirmed to The Hollywood Reporter.

CNBC first reported the news, adding that Murdoch would be suggesting that his son James Murdoch, currently co-COO, be named his successor. The 84-year-old media mogul would continue to be executive chairman of Fox, with his son Lachlan, currently non-executive co-chairman, set to serve as executive co-chairman, a source said.

An announcement about the restructuring is expected soon, but it's unclear if the change would take effect this year or at the start of 2016. As part of the shake-up, Fox president and COO Chase Carey would step down from that role and take on an undefined, advisory role at the company through the end of his current contract in mid-2016.

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Rupert Murdoch will remain chairman, with one source saying he would not be "going anywhere."

The new setup at Fox would mirror Murdoch senior's role at his other company, News Corp. The mogul serves as chairman there, with Robert Thomson running day-to-day operations as CEO.

Industry observers have long predicted that James Murdoch would end up as CEO, with his brother, who has shown less interest in a day-to-day role running the business.

James Murdoch will remain based in New York and Lachlan will likely move from Australia to Los Angeles, sources said.

Carey's current contract ends in through June 30, 2016. He had an option to call by mid-year 2015 that allowed him to leave as early as the end of 2015.

This story was first published by The Hollywood Reporter.