The Spanish Government will discuss King Juan Carlos's abdication today amid mounting calls for the country to get rid of the Monarchy.
The Spanish Prime Minister Mariano Rajoy says his ministers will discuss the next steps ahead of Crown Prince Felipe's accession.
Protesters took to the streets overnight calling for a Republic.
Fiona Govan is Madrid correspondent with the Daily Telegraph. She told Newstalk's Breakfast that a referendum on the monarchy is unlikely.
The monarch (76) has spent almost four decades on the throne.
It is hoped this move will revitalise the palace and the country after years of scandal and recession. This includes outrage over an elephant hunting trip Juan Carlos took during the financial crisis.
His move comes a year after a similar one by the Dutch former Queen Beatrix, who stood aside to allow her son Crown Prince Willem-Alexander to take the throne.
