Senior figures at Arsenal are set for a crisis meeting on Friday morning to discuss Unai Emery's future, according to Sky Sports.
The Gunners boss is facing the sack at the Emirates after a run of seven games without a win.
Arsenal fans displayed 'Emery Out' banners during their latest defeat to Eintracht Frankfurt in the Europa League on Thursday.
The loss means Arsenal are on their worst run since 1992, and still need a result in their penultimate Europa League group clash to go through.
Odds on Emery still being in charge for Sunday's trip to Norwich have been slashed to just 1/2, with Wolves ' boss Nuno Espirito Santo favourite to take over.
The emergency meeting has been called by officials at the club who are concerned with Arsenal's recent form.
Arsenal threw away the lead at the Emirates to lose 2-1 to Frankfurt, and despite conceding his side were in trouble, Emery remained positive.
“Yes I can understand now all the criticism about the team, about me," Emery said. "We are not in a good moment and also as a coach I had that moment also in my career.
“Now our moment is not good. We need to win and to gain confidence. I think we are better than we are showing - the players, the coaches and me.
"Now we lost some confidence and we need to win. But really the response from the players in the first-half was good.
“But in this competition we continue to be in first place and we have a very good opportunity to win this group. We continue in this position and think of how we can achieve three points against Standard Liege.”
Arsenal legend Martin Keown has urged the club to sack Emery, and warned they could slip towards the relegation zone with the Spaniard in charge.
"Emery has taken the team as far as he can," Keown said." We just witnessed an absolute shambles of a performance in that second half.
"The team selection, the team motivation, the substitutions, the performance - everything was missing here. It was a dreadful performance."
He added: "Serious questions need to be asked. This is as bad as I've seen.
"I know changes were needed as Wenger was at the club for slightly too long.
"This is relegation form. Do the club realise how tricky this will now be? Decisions have to be made.
There are football people at the top of the club that need to make the decisions that need to be made because otherwise Arsenal will plunge even further down the table."
