Belgian state TV reported that the 79-year-old monarch would make an announcement on all of the major networks at 18:00, local time.
Kin Albert’s son, Crown Prince Philippe, 53, is next in line to the throne.
During Belgium’s political deadlock in 2010-11, King Albert- who is due to mark 20 years on the throne next month – took on the role of mediator.
King Albert met the Belgian government’s cabinet earlier on Wednesday to inform them of his decision, Belgian state TV reported.
Following King Albert’s announcement, Belgian Prime Minister Elio Di Rupo will address the nation.
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