Scott Pelley is out as "CBS Evening News" anchor, POLITICO has confirmed.

Pelley will stay with the network as a full-time correspondent for "60 Minutes," according to people familiar with the decision.

The New York Post first reported the news on Tuesday evening. A formal announcement is expected on Wednesday.

Those familiar with the situation said the removal has been in the works for a while. Guest anchors will fill the evening news chair until a replacement is chosen. Pelley has been out on "60 Minutes" assignment for the past few days, but he’s expected to return to the anchor seat to say farewell to viewers.

The 59-year-old Pelley, who has been with CBS for nearly three decades, was named anchor of the evening news in 2011, succeeding Katie Couric.

During Pelley’s tenure, "CBS Evening News" has regularly trailed ABC and NBC evening newscasts in the ratings, and had the steepest ratings drop of the three major broadcast networks in the first quarter of 2017.

CBS declined to comment.