(CNN Business) Boeing is considering curbing production of the troubled 737 Max and could announce the decision as soon as Monday after the US markets close, a source familiar with the decision-making process said.

The company could either suspend production or further reduce the production level, the source said.

"If they make the decision (to suspend) it's just a temporary pause of the line," the source said, adding that the production will eventually resume again.

Boeing CEO Dennis Muilenburg warned in July that Boeing would be forced to consider slowing or shutting its 737 Max production if there were any further delays in winning approval to fly the 737 Max again beyond the fourth quarter.

That delay became apparent at a meeting last week between the Federal Aviation Administration (FAA) and Boeing in which the company said it came away understanding the 737 Max jet would not be cleared to fly this calendar year.

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