Demetriou, who took charge in 2022, has led the last-placed Rabbitohs to only one win in their first seven games this season, having also presided over last year's shock capitulation from finals contention.
The board convened at 8am at the club's Heffron Park headquarters, barely an hour after Demetriou arrived at training for what may be the last time.
Always positive in the face of scrutiny this season, Demetriou cut a forlorn figure on arrival, the 54-20 loss to Melbourne on Anzac Day renewing speculation as to his future.
Demetriou had survived pressure to keep his job prior to the round-seven bye by guiding the Rabbitohs to a spirited 34-22 loss to Cronulla in the face of three mid-game injuries.
But the same composure eluded Souths in round eight, when the Storm ran in five tries in 15 minutes either side of halftime to blow the Bunnies out of the water.
It is expected assistant coaches David Furner and Ben Hornby would take charge for Thursday's clash against reigning premiers Penrith if the Rabbitohs chose to terminate Demetriou's contract.
Demetriou re-signed through 2026 last October but is believed the coach has a clause in his contract that entitles him to only a nine-month payout in the event he is sacked.
South Sydney have been heavily linked with ex-coach Wayne Bennett, Demetriou's former mentor at the club, who is due to leave the Dolphins at the end of the season.
Bennett, who led the Rabbitohs to the 2021 grand final, has been coy when quizzed about his coaching future beyond 2024.
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