The announcement will take place at 12:30 p.m. EST via a YouTube livestream, and a teaser clip opens with the phrase "I've finally decided where my future lies" — a line from John's iconic song "Goodbye Yellow Brick Road."
UK tabloid The Mirror is reporting that John will announce a final world tour, followed by his retirement.
John is currently performing a Las Vegas residency dubbed The Million Dollar Piano, which is slated to end this May after six years. Last year, the singer was forced to cancel a number of shows after contracting a "potentially deadly" infection.
Nevertheless, John still has a number of upcoming projects on the horizon. He is currently involved in a Broadway musical version of The Devil Wears Prada, and is also involved with the live action Lion King film and the animated film Sherlock Gnomes.
John will also perform a duet at the Grammy Awards alongside Miley Cyrus this Sunday (January 28).
Prior to today's announcement, a tech stunt took place at Kings Cross Station in London, allowing fans to sit at a grand piano and tickle the ivories beside an "augmented reality" version of the performer.
One minute I'm on Platform 9 3/4 - the next I'm flung into the 1970s @ King's Cross station being serenaded by @eltonofficial . Big news ahoy - I suspect Elton is going virtual... #VR future lies beyond the yellow brick road 👠🎹🚀⭐️🎫🕺🏿#EltonEvent #EltonJohn pic.twitter.com/PJZrWXxkUT— RC (@daddyrog) January 23, 2018
For a closer look at the virtual John and further clues as to what the announcement may reveal, watch the video teaser below.