Hewlett-Packard may be preparing a massive reorganization that would see its PC and printer businesses merged. The restructuring would primarily serve to cut spending and streamline HP’s business.

Citing “sources familiar with the matter,” AllThingsD is reporting that the current executive vice president in charge of the Imaging and Printing Group, Vyomesh Joshi, will leave HP, and that the new combined group will report to Todd Bradley, currently executive vice president of the Personal Services Group (the PC group). Bradley came to HP when it acquired Palm, of which he was CEO.

HP’s printer business, once the company’s largest money-maker, has struggled in recent years. Last quarter the printer group’s sales fell by 7%. Combining the two divisions would allow HP to reduce overall costs while streamlining and unifying their product lineup.

HP has not yet returned a request for comment. AllThingsD’s source expects the announcement to come later today, but as yet there has been no further information. Such a move will undoubtedly impact many HP employees, but it is unclear how many will be looking for work after the restructuring is complete.