UPDATE: Keith Olbermann announced Tuesday late morning on Twitter that he has accepted a job as Chief News Officer of Current Media, the parent company of Current TV.

Original story unfolds below...

WASHINGTON – Liberal former MSNBC star Keith Olbermann is reportedly taking his talents to Current TV, the channel led by former Vice President Al Gore and businessman Joel Hyatt.

The New York Times scooped in a story published Monday night that people "familiar with his plans pointed to a possible deal with the public affairs channel Current TV."

Olbermann's spokespersons and Current TV executives declined to comment to the Times but didn't deny that a deal was pending. One source told the paper that Olbermann would have equity stake in Current TV.

Olbermann's public relations firm said in a press release he would make the announcement regarding his next move on Tuesday in a private news conference.

The former top-rated MSNBC anchor shocked his fans by abruptly announcing his departure three Fridays ago, although it was later revealed that Olbermann had long been battling with MSNBC executives by that time.

But don't expect to see Olbermann launch a show right away -- his exit contract reportedly included a clause banning him appearing on television for at least six months.

A cable channel that went on the air in August 2005, Current TV is known primarily for its public affairs broadcasting and hosting some television series. Its ratings have been far lower than MSNBC's.

News reporters at CurrentTV.com proffered no knowledge of the move Monday, also expecting the announcement Tuesday.