The magazine says this comes after reviewing a sexual harassment investigation, stemming from a lawsuit filed by departing on-air host Gretchen Carlson, as well as a probe about Ailes’ controversial management style.
One source in the magazine says Rupert Murdoch, co-chairman of 21st Century Fox and his sons co-chairman Lachlan Murdoch and CEO James Murdoch agree that Ailes should go. James Murdoch is said to be arguing that Ailes should be presented with a choice this week to resign or face being fired.
Fox is also considering making this announcement after the Republican National Convention concludes this week.
For the most recent second-quarter period, Fox News Channel has been the second-highest-rated cable network in terms of overall viewers in prime time -- a Nielsen average of 1.995 million viewers. Fox News was the No. 1-viewed cable network in terms of total day viewing, averaging 1.4 million viewers.
This is largely a result of increased interest in the presidential race this year, especially given Republican candidate Donald Trump's performance, say analysts. A Fox News representative did not respond to inquiries by press time.
Over the past year, iSpot.tv says the cable news network has pulled in $720.6 million in national TV advertising. In overall revenues, Fox News pulls in around $2.4 billion, according to sources.
Fox News Channel launched in 1996 with Ailes as its CEO.