BP's chief executive Tony Hayward has been negotiating the terms of his exit from the company, according to reports from the UK.

A formal announcement is likely to be announced on Monday morning.

Mr Hayward has been heavily criticised for his handling of the Gulf of Mexico oil leak, and for what some see as a series of public relations gaffes.

BP is due to release its results for the second quarter on Tuesday.

It is expected to reveal a provision of up to $30bn for the costs of capping the well, compensation claims and fines to be paid, resulting in a massive quarterly loss.