AceShowbiz -

Prince William and Kate Middleton are reportedly being crowned king and queen. Star magazine is the first to report that it's Queen Elizabeth II herself who has "made the shocking decision to step down from the throne" due to her "frail health."

"Instead of passing the crown to her son and rightful heir, Prince Charles, she's handing over the reign to William and Kate, the Duke and Duchess of Cambridge," the publication continues, before adding that "the historic coronation will happen this summer!"

The magazine goes on to quote a so-called palace insider as saying, "It's a dramatic break from tradition for the queen to do this, and no one was more surprised than William and Kate." The alleged insider adds, "The queen informed them right after they came back from spending the holidays with Kate's family... They both started crying tears of joy."

Queen Elizabeth II allegedly "wants to be alive to see William's coronation," the magazine claims. It later notes that plans are "underway," with the insider vowing, "This promises to be the event of the century."

A Kensington Palace source, however, has denied the the report above. The source laughed when asked by Gossip Cop about the coronation claims while confirming that those are "untrue."