Bombers assistant coach Mark Thompson emerged from AFL House late on Tuesday afternoon, saying he didn't believe the club would play finals this year, before returning inside.
Talks to agree on penalties over the AFL club's suspect 2012 supplements program have continued all day after discussions throughout Monday ended without a breakthrough.
Essendon, coach James Hird, club doctor Bruce Reid, assistant coach Thompson and Bombers football manager Danny Corcoran have all been charged with bringing the game into disrepute arising from the supplements program.
An announcement over at least the issue of Essendon's finals participation appears imminent, with speculation rife the Bombers won't be playing in September despite locking up a top eight spot several weeks ago.
But there is no firm word yet on the fate of those charged, as well as any possible fines or loss of draft picks for Essendon.
The Herald Sun website is reporting Essendon are officially out of the finals, and that Corcoran has been suspended for four months as part of a deal hammered out by the AFL.
The AFL is yet to confirm this, though speculation is mounting that confirmation could happen later on Tuesday night.
Heraldsun.com.au also reports no decision has been reached on the fate of Hird, Reid and Thompson.
The spectre of Essendon being kicked out of finals or stripped of premiership points has been looming for several weeks.
The Bombers have been under investigation by ASADA and the AFL since February over the club's supplements program.
An interim report was presented to the AFL earlier this month, with sanctions set to be based on that while the ASADA investigation remains ongoing.
Acting on the report, the AFL charged Essendon, Hird, Reid, Corcoran and Thompson with offences relating to conduct unbecoming and bringing the game into disrepute.
Hird has filed a separate Supreme Court writ against the AFL that remains alive.
