"It's a question of whether you have a useful role to play," Volcker told the Journal.

"It comes to the point where, if conditions aren't met, you don't have a useful role to play," said the former Federal Reserve chairman. "That's a conclusion, not a resignation."

Volcker's preconditions to taking charge of Andersen were a settlement with federal prosecutors on a charge of criminal obstruction; and resolution of civil litigation connected to the accounting firm's audits of Enron Corp.

Volcker had proposed seven outsiders to serve as Andersen's board, and he and these seven were expected on Monday to discuss Volcker's status -- including his possible departure from Andersen, the Journal said.

Andersen is run by a five-member administrative board headed by Andersen's U.S. managing partner, Larry Gorrell.

The Journal said Andersen spokesman Patrick Dorton declined to comment on Volcker's status.