From the Washington Post:
Al Arabiya reports that Mubarak will speak tonight, saying he will announce that he will not run in the upcoming election, but will remain in office until then. There is no outside verification for this information. ABC News also reports that President Obama sent retired ambassador Frank Wisner to Cairo to speak with Mubarak about how to best prepare for an “orderly transition.” Wisner served as U.S. ambassador to Egypt under Presidents Reagan and George H.W. Bush.
Update: Interesting development. El Baradei might not be anyone’s choice, including the Muslim Brotherhood.