His office released an official statement after speculations took over social media.
Results for Maharashtra Assembly polls were announced on October 24, and no government has been formed yet.
The crisis started after Shiv Sena toughened its stand against BJP, forcing the latter to say it won't stake a claim to form the government.
On Sunday, Sena was invited for the same, but since it lacked numbers, Koshyari moved towards the third-largest party NCP.
Though NCP had time until this evening, Koshyari was convinced only President's Rule can save the state.
"Governor of Maharashtra Bhagat Singh Koshyari having been satisfied that as Govt of Maharashtra cannot be carried on in accordance with the Constitution, has today submitted a report as contemplated by the provisions of Article 356 of Constitution (President's Rule), (sic)" Raj Bhavan said a while ago.
Separately, the Union Cabinet has also suggested the same, said reports.
If a President's Rule is imposed, it will surely dampen Sena's dreams of forming the government in the state, for which it cut ties with NDA (by making its sole Union Minister resign), and held long-drawn talks with NCP, against whom it fought the October 21 polls.
The political action of Maharashtra also spilled to Supreme Court when Sena challenged Koshyari's decision of not extending the initial 24-hour deadline by 48 hours.
Advocate Sunil Fernandez has filed the plea for the party.
Yesterday, Sena took a strong view of the fact that Koshyari had given three days to BJP to stake a claim to form the government.
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