According to reports:

“Eliot Spitzer, the 54th governor of the state of New York, will resign Wednesday morning, a high-ranking official tells CBS 2’s Andrew Kirtzman. Lt. Gov. David Paterson will be sworn in later in the day in Albany.

There has been no set timetable for an announcement and an official letter of resignation has not been handed down, but both were expected at any moment.

The governor hoped to use the resignation as a bargaining chip with federal prosecutors to avoid jail time, insiders say, following his alleged involvement in a high-profile prositution ring.

“I think his career is politically at an end,” noted criminal defense attorney Ronald Fischetti told CBS 2 HD.

Sources say the governor knows this and is using his defense team, led by Michele Hirshman, to leverage his resignation against potential charges he may face.

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.”

Awwwww, poor baby.

In anycase there is no way federal prosecutors will let him “off the hook”, and quite frankly with $80,000 in question I think the public, the taxpayers, have a right to know where that money came from. Right now I’m told that they are looking strongly at the “structuring” charge, but it could move on into more serious charges based just how “crafty” the money moved.

UPDATE: Via The Post, press conference at 11:30 EST, aides say resigning effective - St. Patrick’s Day. Hrrrmpt!

UPDATE: He’s gone. But it’s the least of his pending problems.

” Eliot Spitzer’s tumultuous tumble from the zenith of a promising political career to the nadir of a shocking sex scandal came as no surprise Wednesday as the bright, bull-headed governor announced his resignation, effective Monday, under bloating pressure from state lawmakers and the public.

Lt. Gov. David Paterson will become the 55th governor of New York and the state’s first black governor.

There were rumors that the once-heralded Democrat had negotiated a plea deal to avoid jail time in the case, but U.S. Attorney Michael J. Garcia squashed those rumors. “There is no agreement between this Office and Gov. Eliot Spitzer, relating to his resignation or any other matter,” he said in a statement to CBS 2.

That leaves Spitzer open to being indicted and facing prison time.”

Roll the tape:

And if what I’m hearing is correct Garcia is going to max this out. Like Spidey says, “With great power comes great responsibility.”

UPDATE: Brian Maloney keeping tabs on the nutroots on Air America and their ‘defense’ of Spitzer.