Al-Saadi Gadhafi (Photo: AP Photo/Dan Peled)

The recent advances of anti-government forces in Libya’s capital, Tripoli, along with the arrest of two of his sons, have many predicting that leader Moammar Gadhafi’s 42-year-long regime’s days are numbered.

For months rebels have been battling government forces in an effort to take over parts of the North African nation from the dictator and his loyalists. Their progress in the capital, however, marks a significant gain and many foreign leaders are looking to prepare for a new leadership in the nation. In fact, nearby nations Egypt and Jordan have already recognized the rebel body, National Transitional Council, as Libya’s official government. In addition, the European Union has pledged ongoing support and other nations — namely Britain and Germany — have pledged to unfreeze billions of dollars in Libyan assets once Gadhafi is gone. Citizens will be able to use that money to rebuild.

Also, in another blow to the Gadhafi government, two of his sons—Saif al-Islam and Al-Saadi—were arrested Sunday. The International Criminal Court will seek to charge Saif al-Islam with crimes against humanity, the prosecutor said, CNN reports.

But the rebels still face a bloody showdown in the capital against government loyalists trying to protect Gadhafi — something global leaders hope to prevent. According to a spokesman from the Libyan government, 1,300 people were killed and 5,000 injured in just 12 hours of fighting in Tripoli on Sunday.

“The surest way for the bloodshed to end is simple: Moammar Gadhafi and his regime need to recognize that their rule has come to an end,” President Obama said Sunday. Back in March, the president faced some heat for the U.S. military involvement in the Libyan crisis with some questioning whether the nation could afford another war. But according to reports the costs ended up being relatively low at $1 billion. NATO took over airstrikes against government forces in the nation and their mission continues today.

Expatriates abroad appear overjoyed at the news of Gadhafi’s probable demise.

Across the world, many took to the streets waving rebel flags and burning pictures of the leader.