Chris Martin's band are not ready to sign a new contract with the label because of uncertainty over the state of the music industry and may leave EMI in 2009, claims the Daily Star.
The group are rumoured to be planning a Best Of collection to follow their new studio album, which would release them from their five-album contract with the company.
A source commented: "There’s so much uncertainty in the record industry right now. The boys don’t necessarily need a label anymore.
"They aren’t even considering putting pen to paper on any type of new contract until they see what happens."
Coldplay's fourth LP, which will allegedly be called Prospekt, is due out in the summer.
Paul McCartney and Radiohead's Thom Yorke have both criticised EMI recently following their departures from the label.