February 4th, 2011 01:00 AM

'The US is reportedly negotiating with Egyptian officials over a proposal for embattled President Hosni Mubarak to cede power immediately.

The Obama administration has offered the proposal for the 82-year-old Mubarak to step down in order to pave the way for formation of a transitional government headed by Vice President Omar Suleiman with the support of the Egyptian military, The New York Times reported on Thursday.

Citing US administration officials and Arab diplomats, the report further stated that the transitional government will have the backing of Egypt's armed forces chief of staff Sami Enan and Defense Minister Mohamed Hussein Tantawi.'

Read more: 'US Offering Illuminati Plan for Mubarak to Quit'