New York Gov. Eliot Spitzer, who rode into the governor's office after his time as the state's crusading attorney general, has reportedly admitted his involvement in a prostitution ring to senior officials in his administration. Spitzer, a first-term Democrat, canceled his public events for the day; the New York Times reports that he will be making a statement Monday afternoon.

Update: Spitzer was scheduled to speak at 2:15 p.m. EDT, but as of this update -- at just before 3 p.m. EDT -- he had not yet begun his press conference. The Times has updated its story with new information. A "person with knowledge of the governor's role" believes that Spitzer is named in federal court papers as the client of an expensive prostitution ring, the Emperors Club VIP, that was busted last week, the Times says.

If Spitzer were to resign, Lt. Gov. David Paterson would become governor.