BP Chief Executive Tony Hayward will collect a pay and pension package worth at least 11.8 million pounds ($18.03 million) when he steps down from his role at the company, the Times newspaper reported on Sunday.

The Times said Hayward will be giving up 546,000 share options and a maximum of 2 million shares in the company under a long-term incentive plan, now worth an estimated 8 million pounds.

A BP spokesman dismissed the report as rumors, adding that Hayward remained chief executive and had full support of the board.

BP has decided Hayward should step down over his handling of the Gulf of Mexico oil spill and his departure could be announced in the next 36 hours, sources close to the company said.

BP's board is due to meet in London tomorrow to discuss a plan for Hayward to step down and be replaced by Bob Dudley, a senior U.S. executive who is currently managing the oil spill response operation, the sources said.

(Reporting by Karolina Tagaris; editing by Diane Craft)