Egyptian President Hosni Mubarak could step aside as soon as tonight and delegate his powers to his new vice president, a senior member of the Egypt’s ruling party told Britain’s Channel 4 News minutes ago.

Lindsey Hilsum, a Channel 4 News correspondent in Cairo, reported via Twitter that Hossam Badrawy, the new secretary-general of the Mubarak regime’s National Democratic Party, “just told me he expects President Mubarak to pass his powers to his vice president tonight,” in a televised address. She added that Dr. Badrawy “told me in three meetings yesterday and phone call today he convinced President Mubarak to pass powers to” Omar Suleiman, the intelligence chief he appointed vice president days into the protests.

Dr. Badrawy is an influential figure within the party. He is considered a reformer and was formerly close to Gamal Mubarak, the president’s son and presumed heir. This week, he personally accompanied Wael Ghonim, a protest organizer released after 12 days in custody, back to his home.

Ms. Hilsum is the international editor of Channel 4 News.

UPDATE 1:10PM EST: (Fox News Reports) President Hosni Mubarak will step down shortly and transfer authority to the Egyptian Higher Council of the Armed Forces, a senior Egyptian official confirmed to Fox News on Thursday.

The group is comprised of the minister of defense, Field Marshal Hussein Tantawi — who stands atop the military hierarchy — along with the military’s chief of staff, the chief of operations, and commanders of the Army, Navy, Air Force and Air Defenses.

The source pointed out that the transfer of power will occur “outside of the constitutional framework” because under the Egyptian constitution, Mubarak’s resignation ordinarily would mean that the speaker of the house would become president and elections would be held within 60 days. In this case, the military council will “not be governing under the constitution or any legislation,” the source noted. “So they will have to define the format under which they are taking power.”

The source did not know how long the military would reign nor what mechanism or timetable would be put in place to end the military’s administration of power, but said that “when (the transfer of power from Mubarak) does happen, they will presumably indicate the direction of the country.”

The source drew parallels with the Army coup of 1952, and the removal of King Faroukh, noting that it took six months before the monarchy was dissolved and the modern republic formed.

The source said this marks “a moment of grave magnitude for the national security of Egypt.”

The official said he doubted that Mubarak would be prosecuted after leaving office.

“No specific allegations of wrongdoing have been made against him,” said the source, adding that if any allegations surface later on, it would be a judicial function to resolve them. The source predicted, without certainty, that Mubarak will retire to Sharm el-Sheikh and lead an “isolated” existence.

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(Source: NY Times Blog)