U.S. President Barack Obama is prepared to announce that American troops will be completely withdrawn from Iraq by the end of the year.

Consequently, the pullout will bring an end to nearly eight years of U.S. military presence in Iraq at a cost of 4,000 American lives.

ABC News reported that an unnamed White House official revealed that Obama met via video conference with Iraqi Prime Minister Nouri al-Maliki to discuss the troop drawdown.

The president is planning a 12:45 p.m. Eastern time statement, reports said.

Today the President will announce that we will fulfill our commitment and complete the drawdown of U.S. troops from Iraq by the end of the year, said a White House official.

This will allow us to say definitively that the Iraq war is over, and that the partnership between the U.S. and Iraq will be a normal one between two sovereign nations.

The Associated Press reported last week that the U.S. was giving up its plans to keep American troops in Iraq past the year-end withdrawal deadline.

IB Times will more provide information as details become available.