Acceptance With Grace. The best_case scenario__and honestly, the most common reaction__is that your boss will accept your resignation with understanding and sincere congratulations. Your manager will be happy to see that you're advancing your career and moving on to something bigger and better.
Otherwise, look to the history of your company. How have your boss and other managers handled employees' resignations? If you see a pattern of upper management refusing to let the team members work out their notice, you can likely expect the same.