Long-time Penn State football coach Joe Paterno's time as the school's coach could be over in days, according to a report.

The New York Times reported Tuesday that Penn State was planning Paterno's exit and that it could happen within days or weeks.

The report says that the school's Board of Trustees has not decided on a specific strategy, but that it was clear that Paterno would not coach another season for Penn State after 46 years as the school's head coach.

The decision to plan Paterno's exit comes in light of allegations against a former Penn State defensive coordinator, Jerry Sandusky. Sandusky was recently charged with 40 counts of child sex abuse and is alleged to have sexually molested eight young boys.

Sandusky has denied the charges, but Paterno admitted to a Grand Jury that he was aware that Sandusky had been accused of molesting a young boy. The major incident in question occurred in 2002 when a young graduate assistant walked in on Sandusky sexually assaulting a 10 year-old boy in a football locker room shower.

The graduate assistant, reported to Mike McQueary, told Paterno the next day about what he saw. Paterno forwarded the information to athletic director Tim Curley, who did not report the information to authorities.

Paterno did nothing legally wrong, according to the state attorney general, but many felt he committed a moral wrong by not taking a more active approach in going to the authorities with the allegations. Many have called on Paterno to resign as football coach after a legendary career at Penn State, but now it appears Penn State will take the matter into its own hands.

Paterno was set to speak at his weekly press conference at 12:30 p.m., but according to his son, was informed by President Spanier that the press conference had been canceled. Paterno was reported to be disappointed to not get a chance to talk to the media.