Beleaguered New York Governor Eliot Spitzer on Wednesday announced his resignation amid threats of impeachment after he was caught on tape arranging to meet a high-price prostitute.

Spitzer, who became the first governor of New York to be forced from office in nearly a century, said his resignation would be effective Monday and that Lt Gov David A Paterson would be sworn in to replace him, the New York Times reported.

"I am deeply sorry that I did not live up to what was expected of me," he told reporters with his wife at his side.

"Over the course of my public life, I have insisted I believe correctly that people regardless of their position or power take responsibility for their conduct," he added.

"I can and will ask no less of myself. For this reason, I am resigning from the office of governor."

Spitzer, once considered presidential material and known as 'Mr Clean' for taking down crime and corruption, ended his speech by saying he would leave politics.

"As I leave public life, I will first do what I need to do to help and heal myself and my family," he said. "Then I will try once again, outside of politics, to serve the common

good and to move toward the ideals and solutions which I believe can build a future of hope and opportunity for us and for our children."