Nearly five months after shooting down a plan to shave off the company's PC division, HP CEO Meg Whitman is set to announce a merging of the division, Personal Systems Group, with the company's printer department, Imaging and Printing Group, according to two reports.

First reported by All Things Digital and corroborated by Reuters, the move could be formally announced as early as today.

PSG head Todd Bradley will lead the new division, while printing boss Vyomesh Joshi will step down.

The move will help HP streamline the two divisions, which both sell to the same markets.

"The plan is to have their line of business more readily integrated so they can approach customers together and with unified product offerings,” writes All Things Digital's Arik Hesseldahl.

Combined, the divisions account for over 51% of HP's business.

Update: HP has confirmed its PC and printer divisions will be merged in an ‘organisational realignment' that is hoped to streamline the company's hardware business.

The combination of Personal Systems Group and Imaging and Printing Group will be known as Printing and Personal Systems Group and will be led by former PSG head Todd Bradley.

Former IPG head Vyomesh Joshi will retire, after 31 years with HP.

HP CEO Meg Whitman says the merger will ‘create a winning scenario for customers, partners and shareholders'.

"Ensuring we have the right organisational structure in place is a critical first step in driving improved execution, and increasing effectiveness and efficiency,” Whitman says in a statement.

"The result will be a faster, more streamlined, performance-driven HP that is customer focused and poised to capitalise on rapidly shifting industry trends.