CNN: 11:15 EDT
CAIRO: Egyptian Military leaders have told Arab media that they plan to suspend the constitution, dissolve the parliament and sideline Morsy.
In his place, they would install a civilian interim council until a new constitution can be drafted and a new president elected.
The military's ultimatum was intended to push all factions toward a national consensus, not to seize power through a coup, a spokesman, Col. Ahmed Ali, said Monday in a written statement.
The military appears to be pressuring Morsy to restructure his government to reduce the influence of the Muslim Brotherhood and include opposition members, a source close to highly placed members of Egypt's leadership told CNN.
Five of Morsy's ministers resigned this week, including Foreign Minister Mohamed Kamel Amr.
And former Prosecutor General Abdel-Meguid Mahmoud will meet Thursday with the Supreme Judicial Council to be officially confirmed in the job.
Mahmoud had originally been installed in the job by Mubarak, shortly before he left. Mahmoud's return appeared to signify a shrinking of Morsy's power and a tilt toward Mubarak-era officials over Muslim Brotherhood loyalists.
Many of the democratic reformists and moderates who have accused Morsy's government of moving in an authoritarian direction now support former Mubarak supporters and others fed up with the nation's direction in calling for the restoration of order through the military.
Together they are pushing to oust Morsy and his Muslim conservative government, whose leaders were drawn primarily from the ranks of the Muslim Brotherhood. They say they have collected more than 20 million signatures on a petition to remove him -- millions more than the number who voted Morsy into the presidency.
In recent days, anti-Morsy demonstrators have ransacked Muslim Brotherhood offices all over the country.
Egypt's military is meeting Wednesday with religious, national, political and youth leaders to address the crisis, Egyptian military spokesman, Ahmed Ali, said through his Facebook page.
An opposition spokesman accused the United States of propping up Morsy out of concern for neighboring Israel.
"The hour of victory is coming," said Mahmoud Badr of the Tamarod opposition group. He predicted that the "illegitimate president" would be gone by the end of the day.
"Not America, not Morsy, not anyone can impose their will on the Egyptian people," Badr said.
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