Steele has not said publically whether he will seek another term. He has polarized Republicans in his two years leading the party, with critics saying he hasn't raised enough money and has spent too much.
Many critics also label Steele as "gaffe-prone," and pressure has been mounting on the chairman from within the Republican party to step aside.
The next RNC chairman will be selected at the national party's January meeting.
*correction: This post initially reported that sources say Steele is "expected" to announce that he is resigning. That is incorrect. He is "expected" to announce he will not run for a new term at the RNC winter meeting next month, though his plans are not yet known.