The 70-year-old is the fifth best-selling music artist of all time and has sold 300 million records over a near-50 year career.
According to The Mirror, an announcement from Sir Elton is due “imminently.”
The news follows recent bouts of ill health, with the star spending 48 hours in intensive care last year after contracting a “harmful and unusual” bacterial infection.
He’s expected to retire after a final world tour.
Sir Elton is due to perform at The Colosseum at Caesar’s Palace from 27 nights in Las Vegas from February 9.
After that he will perform two nights at Black Sea Arena in Shekvetili, Georgia.
Following his illness last year a statement was released saying: “We regret to inform you that due to medical reasons, Elton John is forced to cancel his entire performance schedule for the upcoming April/May run of “The Million Dollar Piano” at The Colosseum at Caesars Palace.
“Elton is also cancelling his scheduled performance for Bakersfield, California for Saturday May 6.”
It continued: “During a recent, successful tour of South America, Elton contracted a harmful and unusual bacterial infection. During his return flight home from Santiago, Chile he became violently ill.”
Express.co.uk have contacted Sir Elton’s representatives for comment.