The 83-year-old journalist, who has had several recent health scares, is expected to make the announcement next month.
The longtime ABC News personality had chicken pox this past winter and suffered a concussion. In 2010, Walters had heart bypass surgery.
More from GlobalPost: Barbara Walters recovering from chicken pox (VIDEO)
Walters was the first prominent woman to anchor the “Today” show, and went on to anchor ABC's evening newscast where she remains one of the network’s chief correspondents.
Walters' co-host at "The View" Joy Behar recently announced she will be leaving the show at the end of this season, the Huffington Post reported.