The controversial head of Porsche , Wendelin Wiedeking, is likely to bow to pressure from the Porsche family to step down, a German newspaper reported on Wednesday.

Business daily Handelsblatt reported that the two had already reached agreement that Chief Executive Wiedeking should go and that a formal decision could come by Thursday this week when the company's supervisory board meets.

The newspaper also reported, however, that Wiedeking would fight to keep his job.

A spokesman for Porsche also contradicted the report, saying: Wiedeking will present his business concept for Porsche to the supervisory board on Thursday.