CNBC reported that Softbank chairman and chief executive Masayoshi Son was in favor of removing Neumann. The giant Japanese conglomerate has invested $9bn in WeWork.
Neumann did not comment. WeWork and SoftBank were not immediately available for comment.
Neumann has been the subject of revelations about drug use and controversial behaviour.
This week, the office-sharing company’s long-awaited IPO was postponed.
Citing people familiar with the matter, the WSJ said the board was expected to meet as soon as this week and potentially consider a proposal for Neumann to become non-executive chairman.
That would allow him to stay at the company but inject new leadership to pursue an IPO.