Saudi Arabia's King Salman to step down and announce his 32-year-old son, Crown Prince Mohammad bin Salman as his successor next week, as per the sources.
Earlier this month, King Salman issued a royal decree in a bid to combat corruption in the kingdom.
Saudi Arabia is now experiencing a period of dramatic change spearheaded by Crown Prince Mohammad, who is seen as the driving force behind the kingdom's ambitious economic and social plans.
This comes after the Saudi King recently arrested 11 princes, including a prominent billionaire, and dozens of current and former ministers in a sweeping crackdown.
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Once crowned, Prince Mohammad will focus on Iran, the long oil rival, sources said. "He has already promised Israel billions of dollars in direct financial aid if they agree". "MBS is convinced that he has to hit Iran and Hezbollah", he said.
He went on to say that the two countries should steadily push forward the integration of China's Belt and Road Initiative and the Saudi Vision 2030 plan.
The Times of Israel notes that the Daily Mail report "could not be independently confirmed", and there was "no immediate reaction from Riyadh".
The report by the Daily Mail hinted that King Salman may be suffering from dementia, which would explain a swift exchange in power while attempting to save face by keeping quiet on the matter.