The Muslim Brotherhood's Guidance Bureau and the group’s political arm, the Freedom and Justice Party (FJP), are holding an emergency meeting on Monday evening to discuss a response to an ultimatum by the military, a high profile Brotherhood source told Ahram Arabic website.
The armed forces released a statement a few hours earlier, giving political forces a 48-hour ultimatum to "fulfill the people's demands” or the army would put in place a political "roadmap" for the country.
The source, who asked to remain anonymous, said that members of the Brotherhood and its party were requested not to respond to the army's statement individually until an official statement is issued following the emergency meeting.
The source pointed out that the statement is likely to include a call for dialogue in which "nothing will be off limits," amid million-strong demonstrations calling for President Mohamed Morsi, who hails from the Brotherhood, to resign.
Yasser Hamza, a member of the FJP's legal committee, rejected the army's statement on the grounds that it hinted at a “military coup,” adding that solutions to the current political situation "will be in the framework of the constitution," Reuters reported.
Millions of Egyptians took part in widely-anticipated demonstrations this weekend, calling for the resignation of President Mohamed Morsi.
Tens of thousands of supporters of President Morsi remain in a sit-in in Cairo's Rabaa Al-Adawiya Square. Seventeen Islamist parties, led by the Muslim Brotherhood's Freedom and Justice Party organised two mass rallies over the last week to defend Morsi's democratic legitimacy.
President Morsi has repeatedly dismissed calls for early presidential elections on grounds that early elections would be unconstitutional.
Morsi was elected in June 2012 in Egypt's first-ever free presidential elections, narrowly defeating Ahmed Shafiq, ousted president Mubarak's last prime minister.