Fox News has decided that Bill O'Reilly will have to exit the company, according to a report.

Citing anonymous sources, New York magazine reported Wednesday that the star prime-time anchor has become too much of a liability, following reports of several sexual harassment claims against O'Reilly that were settled by him and his company.

"Sources briefed on the discussions say O'Reilly's exit negotiations are moving quickly," the report said. "Right now, a key issue on the table is whether he would be allowed to say good-bye to his audience, perhaps the most loyal in all of cable."

O'Reilly is currently on vacation and was scheduled to return Monday.