The Wall Street Journal - owned by Rupert Murdoch, who also owns Fox News - reports the network is "preparing to cut ties" with the presenter.
Pressure on Fox has mounted since recent reports that five women received $13m in payouts because of Mr O'Reilly.
More than 50 sponsors have withdrawn ads from his show, The O'Reilly Factor.
US media report that the board of 21st Century Fox will hold a meeting about the matter on Thursday.
According to New York Magazine, executives were holding emergency meetings on Wednesday morning to discuss how to get rid of Mr O'Reilly. » | Wednesday, April 19, 2017