Toshiba is sticking with HD DVD for now. And in this case, “for now” means this minute.

“There have been media reports that Toshiba will discontinue its HD DVD business,” a Toshiba spokesman told the BBC. “In fact, Toshiba has not made any announcement or decision. We are currently assessing our business strategies, but nothing has been decided at the moment.”

A company official, speaking on condition of anonymity, says a board meeting on the issue could be held as soon as Tuesday, according to the Associated Press.

The high-def format war started to turn in January when Warner announced it would no longer release movies in HD DVD. Blu-ray gained even more momentum last week, following news that Best Buy, Netflix and Wal-Mart would support that format.

There’s no doubt Toshiba is feeling the financial pressure. Toshiba shares surged more than 5% this morning amidst the speculation it was dumping HD DVD.