Her Majesty will step down at the age of 95 letting her son take over as Prince Regent while she is still alive, The Sun reports.
Queen Elizabeth, at 92, is the oldest and longest-serving monarch following her coronation in 1952.
A new book by royal correspondent Robert Jobson has predicted her early abdication, reports Mail Online.
Clarence House, the official residence of the Prince of Wales, has made no comment.
But bookies are offering odds as short as 2/1 that the Queen will step down.
Robert has said in the past: “I understand the Queen has given the matter considerable thought and believes that, if she is still alive at 95, she will seriously consider passing the reign to Charles.
“Her Majesty is mindful of her age and wants to make sure when the time comes, the transition of the Crown is seamless.”
The new biography also claims Charles was desperate to call off his wedding to Diana but feared backlash from the royal family.
Last year, her husband Prince Philip officially retired from public duties at the age of 96.
Prince Charles has gradually been filling in for his mother.
He has represented the head of state on foreign trips during her Diamond Jubilee year to Australia and New Zealand.