Chief Executive of BP Tony Hayward is poised to resign by Tuesday when the announcement of the energy giant's half-year result is released, reports say.

The millionaire CEO, who drew heavy criticism for his mishandling of the Gulf of Mexico oil spill disaster, is set to step down on July 27.

According to the British publication, the Telegraph, after days of detailed negotiations over Hayward's severance package, in which he is likely to be paid a minimum figure of just over a million pounds, his exit from BP seems imminent.

After 3 months of oil from the shattered well spewing into the Gulf, media reports have suggested that the beleaguered boss would quit his job some time in the coming weeks.

BP has said that its CEO "has the support of the board and management" but has refused to comment further.

Three months into the oil spill, the London-based company has finally placed a containment cap over the well, temporarily halting the gushing oil, but has been unable to find an ultimate answer to kill the spill completely.

The oil disaster in the Gulf of Mexico started in April after an explosion on the Deepwater Horizon offshore rig caused the sinking of the facility. Eleven people died in the blast.