According to a military source, "The president is no longer able to make any political decisions now and a decision has been taken to prevent leaders loyal to the current regime from traveling overseas until the General Command of the Armed Forces are finished formulating their expected statement".
The announcement came less than two hours after the nation's first democratically elected president offered to form an interim coalition government.
Military Suspends Constitution In Egypt
The head of the Egyptian army appeared live on television, announcing the suspension of the constitution.
General Abdul Fattah Al-Sisi, flanked by religious and military leaders, said the chief justice of constitutional court would take the powers of the presidency.
His announcement means President Mohammed Morsi is no longer in power.
Hundreds of thousands of Egyptian demonstrators gather outside the presidential palace in Cairo on June 30, 2013 (AFP, Mahmud Khaled )
The move follows four days of mass street protests against Mr Morsi, and an ultimatum issued by the military which expired on Wednesday afternoon.
The current whereabouts of Mr Morsi are unknown.
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