The Metropolitan Police said they were "treating seriously" reports that the man has "quantities of petrol and combustible material" at his home in Northolt in north-west London.
Armed officers have been outside since the early hours of Friday over concerns about his mental health.
Around 80 residents have been forced out of their homes and a 200-metre cordon has been in place around the property on Wood End Lane since Friday.
"Due to concerns for the safety of the man at the address, local residents and the responding officers, police did not attempt to access the property on arrival," the police said in a statement.
Police are concerned for the man's well-being and believe he may currently be experiencing mental health issues, which could be exacerbated by police action or may make his behaviour unpredictable.
Chief Superintendent Paul Martin, in charge of policing the area, said: "Our aim is to bring this to a safe conclusion for everyone. I know that our operation has been ongoing for some time now and that it is causing disruption and inconvenience to local residentsand the community of Northolt.
"I would like to thank them for their continued patience and cooperation. I can understand why people may be feeling frustrated or concerned. Their local officers are out on duty today to speak to local people, keep them updated and understand any concerns that they may have.
The police stressed that there is no suggestion that this incident is terrorist related, nor is it linked to any other ongoing police operation or investigation.
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