The chief executive and co-founder of social networking site MySpace is reportedly leaving the company due to termination.

The social networking site owned by Rupert Murdoch's News Corporation is said to be courting former Facebook Chief Operating Officer Owen Van Natta to replace DeWolfe.

The possibility of DeWolfe's departure was first reported by Michael Arrington on his TechCrunch blog on Tuesday.

[We] confirmed that things are actually moving much faster than we first understood, and that a decision has already been made to terminate Chris DeWolfe's employment with MySpace. We've also been told that the core MySpace executive team will follow, TechCrunch reported.

The exit of DeWolfe is involuntary but Tom Anderson, the president and a co-founder of MySpace, is in discussions about a continued role of DeWolfe at the company.

News Corp. purchased MySpace in 2005 for $580 million. Earlier this year, MySpace lost three executives including former chief operating officer Amit Kapur after they resigned to begin a startup company.

The company has not yet release any comments about the report.