The meeting of NCP office bearers has been convened in new Delhi by party chief Sharad Pawar.
Sangma, whose candidature was proposed by the Biju Janata Dal and the All India Anna Dravida Munnetra Kazhagam, has also been invited to the meeting as also his daughter and Union Minister Agatha Sangma who had for sometime campaigned for her father.
The NCP meeting comes at a time when the Bharatiya Janata Party appears to be looking to contest Pranab Mukherjee's candidature by backing Sangma, a tribal leader from the northeast.
Indications are that Sangma could face disciplinary action from the NCP if he ignores his party's directive to withdraw from the Presidential race. Party sources are also hinting that even Agatha could be removed from the ministry if Sangma did not opt out of the race.
Pawar has already told Sangma to withdraw from race. "We are part of UPA. We are happy with the candidature of Pranab Mukherjee and the conduct of all party men should be consistent with the party stand."
Sangma, who refused to pull out of the fray, has maintained he is a "candidate of Tribal Forum of India which has nothing to with any political party."Meanwhile, seeking to secure the support of Left parties to Mukherjee's candidature, NCP leader D P Tripathi has held talks with Communist Party of India leader A B Bardhan and some other Left leaders. He also had a meeting with Mukherjee on Tuesday.