Viewing figures have reportedly fallen as low as 700,000, prompting concern that the format is growing "tired", according to The Sun.
The series, which is anchored by Kate Thornton and Andrea McLean, features a team of regular panelists including Coleen Nolan, Carol McGiffin, Denise Welch and newest recruit Janet Street-Porter.
After falling from two million viewers for an episode in January, the Loose Women team have allegedly been warned that the daily one-hour show could face the axe if things do not improve.
While changes including a new set and improved content are planned, ITV has denied that they are because of the slump.
However, a spokeswoman defended the ratings claim: "The average audience for Loose Women so far this year is 1.2 million, which is in line with the performance for [the] same period for the last five years."
> Coleen Nolan leaving 'Loose Women'
> Full TV ratings coverage