Rather than abdicate, which the Queen has vowed she'd never do The Sun first reports Her Majesty has said if she was still on the throne at the age of 95 she'd request legislation to grant Charles full power to reign.
Queen Elizabeth, at 91, is the oldest and longest-serving monarch following her Coronation in 1953.
Royal commentator Robert Jobson told the Mail On Sunday a number of "high-ranking courtiers" said the preparations for a transition were in place.
"Out of the profound respect the Queen holds for the institution of monarchy and its stewardship, Her Majesty would want to make sure that she has done everything she can for her country and her people before she hands over".
Last month, her husband Prince Philip officially retired from public duties at the age of 96. "She is dutiful to her core", a former member for Royal Household reportedly said.
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Prince Charles has gradually been filling in for his mother and represented the head of state on foreign trips during her Diamond Jubilee year to Australia and New Zealand.
Royal aides claim The Queen's oldest son will take over from her in three years time. "I understand the Queen has given the matter considerable thought and believes that, if she is still alive at 95, she will seriously consider passing the reign to Charles", the source adds.
There has been no official comment from Clarence House, the official residence of the Prince of Wales.
In the past, Queen Elizabeth herself has spoken about how committed she is to her role.