HP is soon that it will merge its Imaging and Printing Group into its PC-making Personal Systems Group as a way to reduce costs and simplify its business. Under the plan, Vyomesh "VJ" Joshi, who has run HP's print business for the last 20 years, will step down, and Todd Bradley, head of the PC group, will run the combined division, according to reports.

HP has yet to confirm the move, though it has not denied it either. The Wall Street Journal, citing unnamed sources, would be announced Tuesday. Reuters also reported that a move was imminent. If the announcement is made, it's likely to come before HP's annual shareholder meeting on Wednesday afternoon.

The move would reflect two realities, industry analysts said: That the market for printers and printer ink, long the backbone of HP's business, has a dwindling future, and that HP needs to cut costs somewhere in order to boost spending on research and bring innovation back to the company.

It wouldn't be the first time HP has merged its printer and PC groups. Carly Fiorina did that in 2005, just before the end of her tenure as CEO, but Mark Hurd reversed the decision soon after he replaced her. Hurd reportedly revisited the idea a few years ago but decided against it.

This time it's different, however. When Fiorina made the move, she put the combined division under Joshi. This time, the man who has driven a good part of HP's profits for more than a decade will leave the company, and the head of the PC division will be put in charge.