Update 2:34 p.m. ET: Fox News' parent company, 21st Century Fox, has confirmed O'Reilly will not be returning to the network. "After a thorough and careful review of the allegations, the company and Bill O'Reilly have agreed that Bill O'Reilly will not be returning to the Fox News Channel," 21st Century Fox wrote in a brief statement. An internal memo to employees said: "By rating standards, Bill O'Reilly is one of the most accomplished TV personalities in the history of cable news. In fact, his success by any measure is indisputable. Fox News has demonstrated again and again the strength of its talent bench. We have full confidence that the network will continue to be a powerhouse in cable news." Our original post appears below.

The Murdoch family, which runs Fox News, has reportedly decided to fire Bill O'Reilly from the network, New York's Gabriel Sherman has learned.

O'Reilly is Fox's biggest ratings draw, but he has been on "vacation" since reports broke that Fox News and O'Reilly paid around $13 million to settle sexual harassment and verbal abuse accusations made by five women since 2002. Since the initial reports, Fox News has been plagued by advertisers yanking money from spots airing during O'Reilly's show, The O'Reilly Factor.

Fox executives are reportedly debating whether O'Reilly should be allowed to give a good-bye address to his audience. According to a new poll by Politico/Morning Consult, just 23 percent of people who watch O'Reilly's show think it should be canceled.

The Murdochs removed former Fox News CEO Roger Ailes last summer in the wake of sexual harassment allegations. Jeva Lange