Update: McChrystal did not return to the White House for the AfPak policy meeting, fueling rumors that he's finished. Sources say the President will announce his decision at 1:30 EST.
Update II: NBC's Jim Miklaszewski: President Obama has relieved Gen. Stan McChrystal of his command. The AP confirms. Still waiting to hear what the president has to say...
Update III: Multiple sources have confirmed that Gen. McChrystal has been relieved of his duty. The White House will soon announce that Gen. David Petraeus will replace him as commander of the Afghan theater.
Michelle Malkin points out: "How far we’ve come from the MoveOn/General Betray Us heydays, eh?"
Update IV: President Obama, joined by Gen. Petraeus, VP Biden and Defense Secretary Robert Gates at the White House for his remarks, says he "accepted" McChrystal's resignation with certainty that it is "the right thing to do for our mission in Afghanistan."
Chuck Todd of NBC News reminds us that Obama is the first president in history to dismiss TWO wartime generals.
Petraeus has Obama's "full confidence" and the president urges the Senate to "swiftly" confirm his new role. "This is a change of personnel, but not in policy."
Update V: "Out of commitment and desire to succeed," McChrystal announces his resignation in a statement released this afternoon.