Source: Paterno to step down from Penn State on Thursday

Happy Valley, PA-

Chat Sports has recently learned, on a tip from a known ESPN writer who has been told to not report the story, that Joe Paterno will meet with university officials on Wednesday to tell him that he is being asked to resign immediately and will not coach this Saturday vs. Nebraska.

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The source is citing a conversation with multiple Regents of the University as they left an emergency 7am meeting this morning called by PSU President Graham Spanier to discuss the future of the the Penn State football and the stance the university wished to take on the legal and moral matters that face current and former Penn State administrators. The Boards of Regents, long wishing to make Paterno's exit as smooth and gracious as possible, could not come up with any scenario that would allow Paterno to continue to lead the historic football program.

Paterno will be offered a generous retirement package from the school in exchange for agreeing to never discuss the situation regarding Sandusky with anyone other than the authorities. As it stands now, Penn State President Spanier will hold a press conference on Thursday to announce the decision of Paterno to 'step down' effective immediately. We are told that Paterno will not attend the press conference at request of the school.

Stay tuned for further details from Chat Nits as the day continues....