At age 93, Queen Elizabeth II is the longest reigning monarch.
The last time the Regency Act was implemented was in 1810, when George III became deranged.
His eldest son, George IV, became Prince Regent until his father's death.
In order for the Regency Act to pass, sufficient evidence supporting her Majesty's request must be provided by the Queen's husband, Prince Philip, as well as a Houses of Parliament spokesperson and a third senior person.
Under the Regency Act, The Queen will maintain the title of the British throne, but her eldest son must perform the majority of her duties.
Prince Philip (who retired at 96) would also become the Guardian of the Queen.
“Charles is starting to do that already, being at the state opening in Parliament and the Commonwealth conference. He is starting to take over a lot of the duties and doing the investitures," the Royal author commented.
The Queen is granting her son more and more responsibility, with Prince Charles representing the head of state during her Diamond Jubilee to Australia and New Zealand.
Royal commentator, Robert Jobson, told the Mail On Sunday that the Queen and Prince Charles were already in a “period of transition.”
According to Mr Jobson, her Majesty and Prince Charles have weekly one-on-one meetings.
“The Queen at her next birthday will be 93. She has not completed a long-haul state visit since 2011...Although the Prince of Wales has talked about there only being one sovereign at a time and that is true, what you do have is a bit of a dual monarchy at the moment and a transition that is ongoing," Jobson said.
Jobson even said that palace communications staff have been ordered to be "up to speed" on the 1937 Regency Act and that a worker at Buckingham palace had relayed the following to him:
"Out of the profound respect the Queen holds for the institution of monarchy and its stewardship, Her Majesty would want to make sure that she has done everything she can for her country and her people before she hands over. Her Majesty is mindful of her age and wants to make sure when the time comes, the transition of the Crown is seamless. I understand the Queen has given the matter considerable thought and believes that, if she is still alive at 95, she will seriously consider passing the reign to Prince Charles."
Buckingham Palace is yet to comment on the reports.