Emerging reports from Pakistan suggest that Pakistan President Pervez Musharraf [Images] might opt to step down in the wake of a meeting with the Army chief though the President himself denied the news.

Musharraf held a meeting with army chief Gen Ashfaq Parvez Kayani at the Army House in Rawalpindi on Wednesday night that lasted over three-and-half hours.

The meeting came in the wake of Kayani's consultations with key commanders. The commander of the army's 111 Brigade, a brigadier perceived as being loyal to Musharraf, was replaced but a military spokesman said this was part of routine transfers and postings.

The 111 Brigade is responsible for the security of the President as well as the twin cities of Islamabad and Rawalpindi. The News quoted sources as saying that Musharraf has "made up his mind to call it a day" and that he could make an announcement in this regard "at any time".

Musharraf's closest aides were quoted as saying that the President has made up his mind to lead a retired life "after losing all hope of survival in power".

However, presidential spokesman Maj Gen (retired) Rashid Quraf, Qureshi said the President and the army chief had discussed "prevailing security and political situation".