The Queen is preparing to abdicate the throne and make Prince Charles the King, according to royal sources.

Queen Elizabeth, 92, is alleged to have told her inner circle of plans to hang up her crown at the age of 95.

Clarence House is making no comment about 'Plan Regency', which involves a piece of legislation called the Regency Act coming into force.

"I have spoken to a number of high-ranking courtiers who made it clear that preparations for a transition are moving ahead at pace," royal commentator for the Daily Mail, Robert Jobson, said.

"They have all confirmed that a Regency with Charles taking the lead is now, at the very least, a real possibility."

(Image: REUTERS)

(Image: PA)

The act would grant the Queen's eldest son full power to reign even while she still lives.

According to the Mail, one senior former member of the Royal Household said: "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. She is dutiful to her core.

"Her Majesty is mindful of her age and wants to make sure when the time comes, the transition of the Crown is seamless.

"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."

(Image: PA)

Queen Elizabeth II ascended to the throne in 1952.

She famously dedicated her life to her future role as monarch on her 21st birthday, vowing to serve the Commonwealth.

She said: "I declare before you all that my whole life, whether it be long or short, shall be devoted to your service and the service of our great imperial family to which we all belong."

(Image: Steve Parsons/PA Wire)

Her dad, George VI, was King until his death in February 1952.

Her Majesty is now Britain's longest-reigning monarch, with polls showing she remains hugely popular among people in the country.

But, if she did abdicate, the throne would be passed on to her eldest son, Prince Charles, who would become King.

If this happened, he would become the oldest-ever UK monarch to be crowned.

But if he also decided to abdicate, the throne would be passed on to his eldest son, Prince William, who is currently second in line.

The Duke of Cambridge's three-year-old son, Prince George, is third in line to succeed his great-grandma, the Queen.

(Image: PA)

(Image: PA)

It was reported in November that the Palace in London was due to undergo a £369million, 10-year refurbishment .

The work, which will include replacing electrical wiring, water pipes and the heating system, was expected to begin last month.

The Queen was said to be fully supportive of the work.

Her Majesty is expected to remain in residence throughout, but may have to temporarily move bedrooms while the whole palace is resurfaced.

Many of her staff will also need to be temporarily relocated, some even to offices in the garden, while work on the 775-room palace is carried out.

The Mirror Online approached Kensington Palace but it declined to comment.