AllThingsD is reporting this morning that Thompson is set to step down from his job as Yahoo CEO, for "personal reasons."
Yahoo's global media head Ross Levinsohn is reported in line to take over at least on an interim basis.
The pressure on Thompson has been climbing ever since activist shareholder Daniel Loeb of Third Point, uncovered a fake computer science degree on the Yahoo CEO's resume.
We've contacted Yahoo for comment and will update the post when they get back to us.
AllThingsD reports that the five current Yahoo directors, who planned to leave their posts on the occasion of the company's annual meeting this summer, will resign effective immediately, clearing the way for a slate proposed by Third Point.
As part of the shakeup, Yahoo's newly-added director Fred Amoroso will also be named chairman of the board, according to the report.