While Macqueen would not confirm or deny the news, a club spokesperson told Melbourne radio the coach would be finishing at the end of the season.
All Macqueen would say was that an announcement would be made by the club early next week.
"This week we really want to concentrate on the last game, obviously it's going to be very important to us," Macqueen said.
"But next week we will be announcing exactly what's happening."
It is understood Macqueen, who came out of retirement to lead the Rebels through their inaugural season, is prepared to pass the baton onto highly-regarded assistant Damien Hill.
Hill boasts an outstanding coaching pedigree, having led Sydney University to five consecutive premierships before heading south to learn under the 1999 World Cup-winning mentor this season.
Macqueen is expected to take on a football director-style role, a la Collingwood coach Mick Malthouse, in 2012.
"We like to do things our way, we're looking to see how that's going to work," Macqueen said.
"There's been some very good positives to come out of the first year, we've done a lot of things right off the field and got a very good presence in Melbourne.
"We've got to take what we've learnt this year and put it on the paddock next year."
Macqueen has guided the Rebels to a 3-12 win-loss record, and while that means the new boys have won the wooden-spoon, they also boast the most successful first-season record by an expansion club in Super Rugby.
"It's been a great challenge, I came here with my eyes open and what hasn't let me down is the Melbourne public and the way they've embraced rugby," Macqueen said.
"Three wins, we want to do better than that - if you want to measure it and this season's about measurement - we've done better than any other franchise (in their first year), so you could say we did better than expected."
Gilbert has released a new line of rugby cleats. The Gilbert Virtuo 8S is part of the exciting new product. Check it out.
The entire All Blacks apparel line has been updated for 2013/14. Check out the New Zealand All Blacks polo.
The Nike Tiempo is a solid rugby cleat and one of few styles still made from full-grain natural leather.
The Gilbert Blitz 8S rugby cleat is a great cleat at a great price of $69.99. Get a new pair of cleats today.
A cool looking all black rugby cleat with the high performance adidas is known for. Get in the Gear!
Wear the crest of the British and Irish Lions on your t-shirt. A great look for the summer.
The All Blacks Performance t-shirt is black with hints of blue from the training jersey. Very Cool.
The New Zealand All Blacks training jersey for 2013/14. Get in the Gear!
The USA Rugby Pro Alternate rugby jersey is perfect for any fan of the Eagles. Get yours to wear during the summer Test matches.
The NEW All Blacks 2013/14 jersey has arrived at World Rugby Shop. Dare to wear the colors of the All Blacks.