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David Cameron will step down as Prime Minister on Wednesday

David Cameron said he expected to chair his last cabinet meeting on Tuesday.

British Prime Minister David Cameron. Picture: AFP.

LONDON - Britain's David Cameron said he would resign as prime minister on Wednesday, paving the way for interior minister Theresa May to take over the job the same day.

Cameron said he expected to chair his last cabinet meeting on Tuesday and then take questions in parliament for around 30 minutes from 1100 GMT on Wednesday.

"After that I expect to go to [Buckingham Palace] and offer my resignation," he told reporters outside his office in Downing Street.

"So we will have a new prime minister in that building behind me by Wednesday evening."

WATCH: David Cameron resigns as British PM

More to follow on this developing story.