During its flagship news programme the FTV quoted unnamed sources from international organisations in Bosnia as saying that Paravac would be replaced but no reasons were given.
A written decision on his replacement is expected to be handed to Paravac on Wednesday.
Earlier in the day, the Office of the High Representative in Sarajevo reported that on Thursday, High Representative Paddy Ashdown and other officials of the international community in that country would announce measures which they would take against those whom they consider the most responsible for Bosnia's failure to start negotiations with the European Union on a Stabilisation and Association Agreement.
The cancellation of the negotiations ensued after representatives of the Bosnian Serb entity rejected a police reform plan proposed by the European Commission.
The ruling Serb Democratic Party, of which Paravac is a member, is seen as the main obstacle on the path towards an agreement on the police shake-up at the state level.
Paravac is also accused of financial wrongdoings in the SDS branch in his home-town of Doboj.
In 2003 he succeeded Mirko Sarovic, an SDS official, in the post of the Bosnian collective presidency, after Sarovic was forced to step down after he was found responsible for illegal military cooperation with the Saddam Hussein regime while Iraq was under UN sanctions.