Steve McClaren was reported to be on the brink of leaving Derby after holding talks with senior club officials on Thursday.
It is understood former England manager McClaren met with chief executive Sam Rush.
The Telegraph reported McClaren's time in charge was to be brought to an end in the meeting. It was not clear whether his exit was finalised, with no statement forthcoming from the club.
McClaren's future became a topic for debate following Derby's dreadful collapse towards the end of the season.
A run of only two wins from the last 13 matches, including a 3-0 home loss to Reading on the final day, saw the Rams miss out on the Championship playoff places.
Press Association also reported growing frustration behind the scenes over the speculation linking McClaren with the Newcastle job.
The 54-year-old's refusal to completely rule out a move to Tyneside when the rumours first began at the turn of the year is thought to have upset some of the board members.
Director Mel Morris is set to take over from chairman Andy Appleby in the coming weeks.
This month McClaren did eventually turn down the chance to take over at St James' Park, saying he was "100 percent committed to Derby."
McClaren's agent and Derby communications officials did not answers calls on Thursday evening.
Rush said last week that the season review should not be too "draconian," but reports in Spain suggested that Real Madrid assistant manager Paul Clement had already been targeted as a potential replacement for McClaren, who was appointed by Derby in September 2013.