Report: FOX News to sever ties with Bill O'Reilly

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FOX News will reportedly sever its relationship with Bill O'Reilly.

Sources told Gabriel Sherman of the Daily Intelligencer that the Murdoch-run cable news network is preparing to announce O'Reilly's departure from FOX News after 21 years. The biggest question for executives now is how the announcement will be made and whether or not O'Reilly will get the chance to return to air to announce the news himself.

SEE ALSO: New Bill O'Reilly accuser says he called her 'Hot Chocolate' and leered

O'Reilly, who is the top-rated news host on cable television, is currently out on a pre-planned vacation until April 24, so FOX News execs have less than a week to decide how to handle his exit. The discussion is "moving quickly," sources said.

See photos of Bill O'Reilly:

25 PHOTOS
Bill O'Reilly through the years
See Gallery
Bill O'Reilly through the years
NEW YORK, NY - OCTOBER 17: Talk Show Host Bill O'Reilly is seen on October 17, 2016 in New York City. (Photo by Patricia Schlein/Star Max/GC Images)
THE TONIGHT SHOW STARRING JIMMY FALLON -- Episode 0263 -- Pictured: (l-r) Bill O'Reilly and host Jimmy Fallon on May 14, 2015 -- (Photo by: Douglas Gorenstein/NBC/NBCU Photo Bank via Getty Images)
NEW YORK, NY - MARCH 23: Author Bill O'Reilly attends the 'Killing Jesus' World Premiere at Alice Tully Hall at Lincoln Center on March 23, 2015 in New York City. (Photo by Steve Mack/FilmMagic)
NEW YORK, NY - MARCH 23: (L-R) The cast of Nat Geo's 'Killing Jesus' Haaz Sleiman, Eoin Macken, Stephanie Leonidas, Alexis Rodney, Emmanuelle Chriqui, Joe Doyle, Chris Ryman and Kelsey Grammer pose with 'Killing Jesus' book author, Bill O'Reilly (C) at the red carpet event and world premiere of National Geographic Channel's 'Killing Jesus' at Alice Tully Hall on March 23, 2015 in New York City. (Photo by Brad Barket/Getty Images for National Geographic Channel)
NEW YORK, NY - MARCH 23: 'Killing Jesus' book author, Bill O'Reilly attends the red carpet event and world premiere of National Geographic Channel's 'Killing Jesus' at Alice Tully Hall on March 23, 2015 in New York City. (Photo by Paul Zimmerman/WireImage)
TODAY -- Pictured: Bill O'Reilly appears on NBC News' 'Today' show -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
LATE NIGHT WITH SETH MEYERS -- Episode 0142-- Pictured: (l-r) Bill O'Reilly during an interview with host Seth Meyers on December 17, 2014 -- (Photo by: Lloyd Bishop/NBC/NBCU Photo Bank via Getty Images)
NEW YORK, NY - MAY 13: Bill O'Reilly (R) interviews Katie Couric during her visit to 'The O'Reilly Factor' at FOX Studios on May 13, 2014 in New York City. (Photo by D Dipasupil/Getty Images)
NEW YORK, NY - APRIL 09: Rob Lowe talks to host Bill O'Reilly at Fox News' 'The O'Reilly Factor' at Fox News Studios on April 9, 2014 in New York City. (Photo by Rob Kim/Getty Images)
WASHINGTON, DC - OCTOBER 28: Bill O'Reilly attends the National Geographic Channel's 'Killing Kennedy' World Premiere at The Newseum on October 28, 2013 in Washington, DC. (Photo by Kris Connor/Getty Images)
NEW YORK, NY - OCTOBER 16: TV personality Bill O'Reilly enters the 'Late Show With David Letterman' taping at the Ed Sullivan Theater on October 16, 2013 in New York City. (Photo by Ray Tamarra/WireImage)
NEW YORK, NY - MAY 14: Television host Bill O'Reilly is seen exiting'Good Morning America' studios on May 14, 2013 in New York City. (Photo by Raymond Hall/FilmMagic)
WASHINGTON, DC - FEBRUARY 27: Bill O'Reilly, host of FOX News Channel's The O'Reilly Factor, waits for the arrival of U.S. President Barack Obama during an event about Obama's 'My Brother's Keeper' initiative in the East Room at the White House February 27, 2014 in Washington, DC. As part of his 'Year of Action,' Obama announced a $200 million commitment from nine foundations to bolster the education and employment of young men and boys of color. (Photo by Chip Somodevilla/Getty Images)
THE TONIGHT SHOW STARRING JIMMY FALLON -- Episode 0170 -- Pictured: Author Bill O'Reilly on November 25, 2014 -- (Photo by: Douglas Gorenstein/NBC/NBCU Photo Bank via Getty Images)
NEW YORK, NY - JUNE 18: TV Personality Bill O'Reilly attends An Evening with Bill O'Reilly and Geraldo Rivera at 92nd Street Y on June 18, 2014 in New York City. (Photo by Mark Sagliocco/FilmMagic)
NEW YORK, NY - DECEMBER 04: Donald Trump and Bill O'Reilly attend the game between the New York Knicks and the Cleveland Cavaliers at Madison Square Garden on November 30, 2014 in New York City.NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Elsa/Getty Images)
NEW YORK, NY - JUNE 18: (L-R) TV Personalites Geraldo Rivera and Bill O'Reilly attend An Evening with Bill O'Reilly and Geraldo Rivera at 92nd Street Y on June 18, 2014 in New York City. (Photo by Mark Sagliocco/FilmMagic)
TODAY -- Pictured: Bill O'Reilly appears on NBC News' 'Today' show -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
NEW YORK, NY - OCTOBER 16: Bill O'Reilly attends the 11th annual Giants of Broadcasting Honors at Gotham Hall on October 16, 2013 in New York City. (Photo by Noam Galai/WireImage)
THE VIEW - (10.1.13) Today's guest co-host is Jason Biggs ('Orange is the New Black.') Guests include Bill OReilly (author, Killing Jesus); Matt Long and Lorraine Bruce (ABC's 'Lucky 7') on ABC's 'The View.' 'The View' airs Monday-Friday (11:00 am-12:00 pm, ET) on the ABC Television Network. (Photo by Fred Lee/ABC via Getty Images) BARBARA WALTERS, BILL O'REILLY
Regis Philbin talks with Bill O'Reilly, of the O'Reilly Report, during the Court TV celebration of it's 10th anniversary at American Park inside Battery Park in New York City on July 18, 2001. photo by Gabe Palacio/ImageDirect
Bill O'Reilly attends the benefit for Homeless Children on November 16, 1989 at Letizia Restaurant in New York City. (Photo by Ron Galella, Ltd./WireImage)
THE TONIGHT SHOW WITH JAY LENO -- Episode 4420 -- Pictured: (l-r) Bill O'Reilly during an interview with host Jay Leno on March 1, 2013 -- (Photo by: Margaret Norton/NBC/NBCU Photo Bank via Getty Images)
TODAY -- Pictured: (l-r) Hoda Kotb, Kathie Lee Gifford and Bill O'Reilly appear on NBC News' 'Today' show -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
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According to the report, executives held an emergency meeting on Wednesday morning to discuss how to announce their decision without suffering blowback from O'Reilly's loyal audience. The two biggest issues being factored into consideration are whether or not to let O'Reilly return to air to say goodbye and, of course, money.

Though execs are reportedly leaning toward not allowing the controversial figure to return to air, the financial aspect of his termination could get complicated as he "recently signed a new multi-year contract worth more than $20 million per year."

FOX News' decision to let O'Reilly go comes after weeks of growing scandal surrounding reports that he had sexually harassed women at the network for years. The New York Times reported earlier this month that FOX and O'Reilly had paid out over $13 million settling harassment suits with various women.

Previous reports had indicated that James and Lachlan Murdoch were butting heads over whether or not to keep O'Reilly at FOX News, with James leading the charge to oust him. Sources close to the situation indicated that Lachlan's wife contributed to his opinion change, though their father, Rupert's, change of heart (he is reportedly an O'Reilly loyalist) shocked staffers at FOX News.

More to come.

Women who have left FOX News:

8 PHOTOS
Women who have left Fox News
See Gallery
Women who have left Fox News

Megan Kelly

(Photo by Heidi Gutman/ABC via Getty Images) MEGYN KELLY

Gretchen Carlson

(Photo by Rich Polk/Getty Images for Variety)

Greta van Susteren

(Photo by: William B. Plowman/MSNBC/NBC NewsWire via Getty Images)

Andrea Tantaros

(Photo by Jamie McCarthy/Getty Images)

Laurie Dhue

(Photo by D Dipasupil/WireImage)

Elisabeth Hasselbeck 

(Photo by John Lamparski/WireImage)

Alisyn Camerota 

(Photo by Robin Marchant/Getty Images)

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