The prince, also known as the Duke of Edinburgh, and who has been by his wife's side throughout her 65 years on the throne, had decided he would cease public duties from autumn, the palace said in a statement.
The speculation began when royal household staff from as far as Scotland were summoned to the palace for an emergency meeting today. While the Queen and Prince Philip have traditionally attended these events together - as well as kept a separate schedule of appearances individually - starting in August the Queen will be making solo appearances. Palace officials say Philip could still choose to attend a public event every once in a while after that time.
Twitter had gone into meltdown with fake news reports surrounding the Queen and Prince Philip's health. Their first visit to India was in 1961.
"It is clear from the official announcement that Her Majesty is to continue with her royal duties, with support of other members of the Royal Family".
Approaching his 70th wedding anniversary to the Queen - who is Britain's longest serving monarch - the Prince is clearing his diary.
"You're about to see the world's most experienced plaque-unveiler", he quipped just before pulling the cord to part a small curtain. Her husband turns 96 next month.
The Palace has never been keen on phrases like "slowing down" or "taking a step back" when it comes to the Queen and Prince Philip.
Opposition Labour leader, Jeremy Corbyn, described the move as a "well-earned retirement" in his message.
"His Duke of Edinburgh's Award scheme has inspired young people for more than 60 years in over 140 nations". After their marriage in 1947, they spent time in Malta, where he was posted - only for their lives to be changed overnight by the premature death of her father, king George VI, in 1952.
In 1940, Prince Philip joined the Royal Navy, and served with distinction in World War II in the Mediterranean and the Pacific.
These "royal duties" are expected, to varying degrees, of each member of the royal family.