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Egypt — Reports are emerging out of Cairo that President Mubarak will announce his resignation tonight.

Mubarak, who has been in power for 30 years, is reportedly preparing an announcement in the next few hours after three weeks of street protests against his autocratic rule.

Egypt’s armed forces went on state TV and announced it was stepping in to “safeguard the country.” Footage showed a stern-faced Defense Minster Field Marshal Hussein Tantawi chairing a meeting of top military brass.

The possibility that Mubarak might finally go sent a wave of joy sweeping through the throng of protesting Egyptians at the epicenter of Egypt’s revolution.

“Allahu akbar,” which means “God is great,” jubilant Egyptians chanted.