UPDATE 1/14/13: Lance Armstrong has confessed to doping. Anonymous sources close to the situation have told news outlets that Lance Armstrong has come clean and confessed to doping during his interview with Oprah. The interview was filmed over 2 and a half hours in a hotel in Austin, Texas on Monday. The Interview which was originally set to air on Oprah's OWN network this Thursday has been modified to run as a 2 part special starting thursday and concluding Friday.

In a report posted on USA Today earlier today, an anonymous source with knowledge of the situation confirmed to USA Today that Lance Armstrong is indeed planning to confess to doping when me meets with Oprah on Monday to conduct his first interview since being stripped of his 7 Tour de France titles and banned from competition.

"Though he probably will not get into great detail about specific cases and events." said the anonymous source.

It's been rumored that Armstrong is finally prepared to confess in an effort to lift his lifetime ban from competition. Though according to World Anti-Doping Agency code, Armstrong would have to provide pretty substantial assistance to doping officials before re-instatement could happen. Even then, he'd still be looking at an eight year ban.

The admission of doping would add to more possible legal and financial hardships for the disgraced cyclist. Armstrong is currently named in the federal whistle-blower case, brought about by Armstrongs old teammate Floyd Landis. The case asserts that Armstrong and his colleagues on the US Postal Service cycling team used taxpayer dollars to finance an elaborate and systematic doping program. The admission would also contradict his testimony in the 2004 settlement with SCA Promotions. Meaning, he would have to repay the $12 million he received from the insurance company. Armstrong would also have to answer a lawsuit The Sunday Times of London, who is also seeking to recoup more than $1.5 million over their previous settlement with Armstrong during a libel case.

The financial troubles aside, what seems to worry Armstrong the most from a confession, is the possible criminal charges that could arise. Though it's unlikely, another United States Attorney's office could re-open the case against Armstrong that included doping related crimes of fraud, money laundering, and drug trafficking.

The interview with Oprah is scheduled to be filmed this upcoming Monday and will air on a special 90-minute episode of Oprah's Next Chapter Thursday, January 17, from 9 to 10:30 p.m. ET/PT on OWN: The Oprah Winfrey Network. In addition, the interview will be simultaneously streamed LIVE worldwide on Oprah.com.