President Musharraf has said he would rather resign than be impeached
Pakistan's ruling coalition parties say they will begin impeachment proceedings against President Pervez Musharraf.
Party leaders Asif Ali Zardari and Nawaz Sharif made the announcement after three days of talks. They would need a two-thirds majority to impeach.
Mr Musharraf took power in a bloodless coup in 1999.
He gave up control of the army last year and his allies were defeated in February's elections but he retains the power to dissolve parliament.
Mr Musharraf has previously said he would resign rather than face impeachment proceedings.
But late on Thursday, aides said the president would respond to the allegations in parliament.
The BBC's Mark Dummett in Islamabad says an impeachment would take Pakistani politics into new territory, since no Pakistani leader has faced it before.
Mr Zardari, of the Pakistan People's Party (PPP), and the PML-N's Narwaz Sharif announced the impeachment move at a press conference in Islamabad.
STEPS TO IMPEACHMENT
Impeachment proposers need 50% majority in Senate or National Assembly
President given notice of impeachment, and has three days to respond
Joint session of Senate and Assembly must be held between 7 and 14 days later to investigate charges
If resolution presented, joint session must approve with two-thirds majority
Mr Zardari said: "We have good news for democracy. The coalition believes it is imperative to move for impeachment against General Musharraf."
Mr Zardari, the widower of assassinated former prime minister Benazir Bhutto, derided Mr Musharraf's economic policies, adding: "He has worked to undermine the transition to democracy."
He also warned Mr Musharraf not to dissolve parliament, saying: "If he does it, it will be his last verdict against the people."
Mr Sharif said: "Pakistan cannot afford to see democracy derailed, this is not the same Pakistan as was the case in the 1980s and 1990s. People will not accept it now."
Mr Zardari (r) vowed to try to restore judges sacked under emergency rule
The leaders say they will also move to have Mr Musharraf face votes of confidence in the national and four provincial assemblies.
Our correspondent says these will not be enough to dislodge President Musharraf but might weaken him ahead of any impeachment showdown.
Impeachment would need a two-thirds majority in the upper and lower houses of parliament but, our correspondent says, getting those numbers might be difficult.
The two leaders also promised to restore judges sacked under Mr Musharraf's emergency rule once impeachment was successful.
How to proceed on that issue had caused deep divisions between the two coalition parties since the elections.
Mr Musharraf had been scheduled to attend the opening of the Olympic Games in Beijing but has cancelled his trip and will be replaced by Prime Minister Yousef Raza Gilani.
Mr Musharraf was elected president for a five-year term last October in a controversial parliamentary vote.
One presidential source told AFP news agency Mr Musharraf was discussing a course of action and had the options of dissolving parliament or imposing emergency rule again.
The president is still thought to have heavy influence over the military and its reaction will remain crucial.
Pakistan has been ruled by military leaders for more than half of its existence since Partition in 1947.