Spoiler Alert—read no further if you do not want to know plot elements from the Death of Spider-Man story released Wednesday, June 22nd, 2011.
Marvel has announced and the mainstream press has reported that Peter Parker will die in the Ultimate Comics Universe in Ultimate Comics Spider-Man #160, which will be released in a cover-obscuring polybag on Wednesday, June 22nd.  Brian Michael Bendis told the New York Post that writing it was an emotional process, and that he was “blubbering like a fool” as he was writing it. 
The storyline began in Ultimate titles in February (see “Bendis and Millar Do Death of Spider-Man”) and will continue in Ultimate Comics Fallout in July, and Ultimate Comics Reborn titles in August (see “Marvel Reveals Ultimate Comics Universe Reborn Covers”). 
Marvel EIC Axel Alonso told the Post that a new character will take on the Spider-Man alter-ego this fall, with the reveal of who it is in August’s Ultimate Comics Fallout.
Peter Parker will continue to appear as Spider-Man in the regular Amazing Spider-Man title.