Legendary Australian rock outfit AC/DC are heavily rumoured to be imminently announcing their immediate retirement from recording and touring, according to numerous media reports this morning.

Peter Ford, an entertainment reporter in Melbourne, cited sources close to to the band when he broke the news to radio station 3AW. Perth-based station 6PR soon followed suit with the reports, adding that the decision was made after a band member, believed to be guitarist Malcolm Young, had been diagnosed with a terminal illness. Ford later tweeted that specific details of the band's impending split would be released shortly.

Rumours had been quietly stirring away from the mainstream for a few weeks now. As per FasterLouder, James Young (no relation), proprietor of the Cherry Bar on Melbourne's AC/DC Lane, said that he had heard rumours that the band had recently convened for rehearsals for their scheduled 40th anniversary tour but Malcolm Young was incapable of participating.

"Weeks ago I heard something I kept to myself", said Young. "The band got together for 40th anniversary show rehearsals and Malcolm had forgotten how to play guitar.... due to a clot on the brain caused by smoking. I hope and pray this isn't true and that Malcolm Young will be OK because Malcolm Young is the engine room of the greatest tough rock n' roll band the world has ever known."

Albert Music, AC/DC's Australian base of operations since the early 1970's, has employed a media blackout and aren't answering emails or incoming calls, according to Stuff.co.nz

AC/DC had intended on touring and releasing a new record this year to mark their 40th anniversary together. Brian Johnson, the band's singer, had previously spoken of plans of doing a 40-date tour to thank fans for their loyalty over the years but it seems that is now looking increasingly unlikely.