The jig seems to be up.

Both Ynet and NFC (NFC is a news source owned by journalist Yoav Yitzchak - he is responsible for breaking many of the corruption scandals of Olmert and his info led to a number of the investigations) are reporting, using Al Jazeera news as their source (I have no idea how reliable Al Jazeera is, but they are both quoting Al Jazeera), that Olmert has decided to suspend himself from the position of Prime Minister until the investigation is complete. The PMO denies the claim.

Considering the police have done everything but formally announce that next week Olmert will likely be indicted, it seems like a moot point.

Anyways, if it happens, Tzippi Livni will move into the PM chair until either the investigation is completed with an exoneration and Olmert returns to his office or new elections. I think when the PM suspends himself, the Acting PM only has the position for a period of 100 days, after which new elections must be called.. I might be wrong on that though.