11/08/2011 12:21 pm ET | Updated Jan 08, 2012

Joe Paterno Exit Being Planned By Penn State: Report

According to The New York Times, Penn State is preparing for the exit of longtime football coach Joe Paterno in the wake of the sexual abuse scandal involving former assistant coach Jerry Sandusky.

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The Times' report came less than an hour after Paterno's weekly press conference was cancelled early Tuesday afternoon. Scott Paterno, the coach's son, informed the Associated Press that the press conference had been cancelled at the insistence of University President Graham Spanier's office.

Two high-ranking officials -- Tim Curley and Gary Schultz -- have already stepped down from their positions in the wake of the scandal. Both former Penn State officials surrendered to police on Monday and face charges of failing to alert police to the criminal activity as well as perjury in their grand jury testimony.

Unlike Curley and Schultz, Paterno is not a target of the investigation. According to State Police Commissioner Frank Noonan, Paterno fulfilled his legal obligation by informing his superiors of the allegations against Sandusky. However, Noonan made clear that he believed Paterno's behavior did not fulfill one's moral obligation:

"Somebody has to question about what I would consider the moral requirements for a human being that knows of sexual things that are taking place with a child." Noonan added: "I think you have the moral responsibility, anyone. Not whether you're a football coach or a university president or the guy sweeping the building. I think you have a moral responsibility to call us."

Regardless of whether Paterno is forced out as a result of this scandal, his legacy is irrevocably altered. Just days before the alleged sexual crimes of Sandusky became public, Paterno established a new record for career wins.

UPDATE: Scott Paterno, the coach's son, has refuted the NYT report, stating that no retirement discussions have taken place.

Scott told Ben Jones of that his father will be on the sideline this weekend for Penn State's game against Nebraska.

This is a developing story