A spokesman for the Spanish basketball federation declined to confirm the reports in Madrid sports dailies Marca and As, although he said both Italian Scariolo and FEB president Jose Luis Saez would give a news conference in Madrid later on Wednesday (18:30 UK time).
Scariolo, who also coaches struggling Italian club side Emporio Armani Milan, took over as Spain coach in 2009, leading them to back-to-back Eurobasket triumphs.
They won silver at the London Olympics, losing to favourites United States in the gold medal match in a repeat of the 2008 final in Beijing.
Emporio Armani face a key Euroleague away game at Spaniards Caja Laboral Vitoria on Thursday. They have three wins and four losses in their section and defeat would put them in danger of missing out on a top-16 berth.