The centrist UDI party, with 27 MPs in the lower house of parliament, says a final decision will be made next week.
It follows the revelation that Mr Fillon is facing a formal investigation over a fake job scandal involving his wife. He denies any wrongdoing.
A key aide has also left his campaign.
Foreign affairs spokesman Bruno Le Maire criticised the candidate for breaking his pledge to step aside if he was put under formal investigation.
Mr Fillon says he has been summoned to appear before a judge on 15 March, just two days before the deadline for candidates to submit their final applications.
The first round takes place on 23 April, followed by a run-off on 7 May.
Thursday promises to be a busy day for the election campaign with liberal candidate Emmanuel Macron due to present his programme at a press conference.
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