He was preparing to resign if Wales failed to get good results in their next two games, against Bulgaria and Switzerland next month. But he has already indicated his feelings to FA of Wales officials and may bring forward that decision.
Related ArticlesToshack could quit Wales jobSavage: Toshack must quitMontenegro 1 Wales 0Wales unhappy with referee choiceWales favour City groundWales 5 Luxembourg 1There are few stand-out candidates to replace Toshack though the FAW will consider former captain Ryan Giggs.
Recently, the Manchester United winger indicated he would be interested eventually in leading his country when he said: 'If you go into management, the big job is to be in charge of your country. And I'm no different in terms of thinking like that.'
Giggs has already taken coaching badges and added: 'At the moment it is difficult, because I still have commitments as a player.
'But I always use the Sparky (Mark Hughes) situation. One minute he is playing for Wales and in the Premier League with Blackburn, then the next thing you know, he is managing his country. Sparky never really planned for that.'
Trefor Lloyd Hughes, the FAW vice-president, added: 'There's a lot of speculation, some of it false, some of it true.
'The FAW, I'm sure, will issue a statement clarifying the situation wither later today (Monday) or by midweek.'