As soon as tomorrow (Friday 9/30). according to Ken Rosenthal of Fox Sports. The team isn't firing him, however they are not expecting to pick up the 2012 and 2013 options on his contract.
Obviously this will be further fodder for the Cubs current situation, with the possible firing of Quade that may accompany the GM change.
IMO, the bottom line is that the Cubs need to allow their new GM to hire a manager, whether its Francona or someone else. I also hope that Ricketts doesn't rush the GM hiring, something that I see as much more important than the field manager.