The sports channel of state-owned CNTV cited Li's agency, IMG, as saying the tennis star would hold a briefing on Sunday to announce the news but also said she might make an official announcement on Friday via social media.
A separate report by CCTV-5, the sports channel of state broadcaster China Central Television, quoted unnamed insiders as saying Li, 32, will announce her retirement because of injuries on Friday.
"According to insiders, Li Na will officially announce her retirement on September 19," CCTV-5 said on its verified microblog.
The broadcaster did not give any details about its sources. An employee at the Beijing office of IMG told AFP that Li's manager was in a meeting and unable to confirm.
The world number six won the Australian Open in January but her season has been troubled by injury and she has been sidelined since late July with a knee problem.
She was ranked a career-high second in the world after January's Grand Slam win, but has slid down to sixth after missing a string of tournaments including the US Open. In July, Li also split with her influential coach Carlos Rodriguez.
The Beijing News reported that Wuhan Open officials had received a confirmation letter from Li dropping out of the tournament.
Organisers however told AFP no letter was received and to their knowledge Li was still playing.
A press conference has been arranged for Sunday in Wuhan, AFP understands.
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