Dennis reportedly presented a £1.65bn takeover bid for the company last week.
Sky News first reported that this led to fellow shareholders launching a plot to oust him from the company.
Read more: McLaren denies Apple takeover talks
Dennis then failed on Thursday and Friday in a bid to secure a High Court injunction against a move to place him on gardening leave until his contract expires in January.
This failed attempt reportedly led to an emergency board meeting last night, which is expected to lead to the suspension of Dennis.
Dennis owns 25 per cent of McLaren Technology Group.
Mansour Ojjeh, a long-term business partner who owns 25 per cent also, and Bahraini sovereign wealth fund Mumtalakat, which owns 50 per cent, see the Chinese bid as undesirable and want Dennis to stand down, Sky News reported.
McLaren has been asked for comment.