The rumors of just what Hosni Mubarak will do are rampant. I’ve heard several reports that Mubarak will resign, and just as many that Mubarak will not. There are reports that he’ll give up power to Omar Suleiman, and reports that he will cede to a transition led by the military.

So it’s not clear what we’re going to see. The eyes of Tahrir Square and the world will be upon him. We should know in a matter of minutes.

You can watch live here. I’ll be liveblogging…

…Gregg Levine notes: “Egyptian television has been showing live shots of the protests at Tahrir Square, not something typical of the last 17 days. AJE also notes that the editorial tone has changed there, with commentators talking about the need to clean up government corruption.” Egypt state TV has been going rogue for a few days now…

(Gregg jumping in here…) Hosni Mubarak announced that while he will cede some of his duties to Omar Suleiman, he intends to remain as president until his term ends in September.

Demonstrators in Tahrir square started chanting “Leave, leave,” and taking off their shoes and waving them in the air.

Egyptian TV now reporting that Omar Suleiman will also address the country tonight.

UPDATE 11:34pm Egypt Time: Suleiman is speaking now. Claims door is open to dialog, says he is committed to “Peaceful transition of power.” Calls the Egyptian people “heroes,” then calls on them to “Go back home.” “Do not listen to satellite TV whose main mission is to fuel sedition.”