Update 4:12 p.m. ET: In a taped address to the Egyptian people, President Hosni Mubarak, 82, said he intends to serve the remaining months of his term so he can oversee a peaceful transition to a new government.

Mubarak said he would not run in the election, which is scheduled for September. Until then, he said, "my main responsibility is to restore order to achieve an easy transition in a peaceful atmosphere."

Msnbc.com has a full report. 

Update 4:07 p.m. ET: "The Hosni Mubarak that is talking to you now is honored for the years that he served the Egyptian people. ... History will judge me."

Update 4:07 p.m. ET: Mubarak says he intends to remain through the end of his term. The next elections are scheduled for September. 

Update 4:05 p.m. ET: Mubarak says he never intended to run for re-election and calls on Parliament to allow court appeals of the disputed November elections to go forth.

Update 4:03 p.m. ET: "My main responsibility is to restore order to achieve an easy transition in a peaceful atmosphere."

Update 4 p.m. ET: "What has hurt the most is the fear that has reached the majority of Egyptians," Mubarak says, according to an interpreter. "The events of Tunisia have been on everyone's mind."

Update 3:58 p.m. ET: Mubarak is speaking.

Update 3:47 p.m. ET: As he did in his address last week, Mubarak has pre-recorded the address he will be giving this evening, NBC News reports.

Update 3:10 p.m. ET: NBC News' Andrea Mitchell reports that the National Security Council is waiting for Egyptian President Hosni Mubarak and will then determine what President Barack Obama may or may not say.

Mitchell reports details of U.S. discussions with Mubarak here: U.S. tells Mubarak he must go 

Update 3:04 p.m. ET: NBC News, The Associated Press and Reuters are all now reporting that Frank Wisner, whom the United States sent to Cairo, told Mubarak that he must find a way to leave the scene. 

Update 3:01 p.m. ET: NBC News' Ron Allen reports from Cairo that Mubarak will speak in 10 to 15 minutes.

Update 2:49 p.m. ET: Egyptian state television says Mubarak will make an "important statement"shortly. 

Update 2:10 p.m. ET: The New York Times, citing American diplomats, reports that President Barack Obama has urged Egyptian President Hosni Mubarak not to seek another term in the September elections.

Update 2:07 p.m. ET: NBC News' Chuck Todd confirms CNN's report that Secretary of State Hillary Rodham Clinton and other national security advisers have been called to the White House for a meeting on Egypt at 3:30 p.m. ET. 

Update 1:57 p.m. ET: CNN reports that President Barack Obama is calling Secretary of State Hillary Rodham Clinton and other national security advisers to the White House for a meeting on Egypt.

Update 1:50 p.m. ET: NBC News says it has confirmed that President Hosni Mubarak will address the nation tonight and will offer an unspecified "good solution."

Update 1:43 p.m. ET: NBC News' Cairo bureau stresses that the Al-Arabiya report that President Hosni Mubarak will address the nation and announce he is not running for re-election in September is unconfirmed.

A source at the Presidential Palace tells NBC that Mubarak "may" make a speech tonight.

Update 1:34 p.m. ET: The Egyptian site Al-Arabiya tweets, citing "reports," that President Hosni Mubarak will announce today that he will not run in the upcoming elections.
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Reuters reports: 

Egypt's President Hosni Mubarak will give a speech on Tuesday after at least 1 million people rallied across the country clamouring for him to step down, Al Arabiya television said. There was no official confirmation.

The channel also said Vice President Omar Suleiman had started meetings with representatives of parties.