Bernie Ecclestone has been forced out of his position as Formula 1 chief executive, according to a German motor sport magazine.
The 86-year-old told Auto Motor and Sport he was asked to resign by new F1 chairman Chase Carey.
"I was dismissed today. This is official. I no longer run the company. My position has been taken by Chase Carey," he said.
He added he was offered a new role as "a kind of honorary president".
However, he continued: "I have this title without knowing what it means," and did not say whether he would accept the role.
Ecclestone declined to comment when approached by BBC Sport, which revealed yesterday he would leave his job this week.
The change at the top of F1 is expected to be confirmed tonight in an announcement by new owners Liberty Media.
The US giant began its takeover of the sport in September and earlier in January cleared the last two regulatory hurdles. The completion of the deal is expected imminently.
Liberty last year installed Carey as F1's new chairman. He was a former lieutenant of media mogul Rupert Murdoch at his 21st Century Fox company.
In a new company structure, Liberty are expected to appoint two new executives under Carey, one to oversee the commercial side of F1 and the other to lead the sporting and technical aspects.
Former ESPN executive Sean Bratches has been lined up for the commercial role, while ex-Mercedes team boss and Ferrari technical director Ross Brawn is to take on the sporting one.