Initially Mr Fillon said he would stand down as a candidate if his case was placed under formal investigation, but recently he insisted that he would fight on "until victory".
Mr Fillon was due to speak to reporters from his Paris campaign headquarters at 12:00 (11:00 GMT) but his officials immediately rejected suggestions that his campaign was in trouble.
What you need to know about the Fillon payment inquiryAnother unconfirmed report from investigative website Mediapart said on Wednesday that Penelope Fillon herself was in police custody.
Even close members of Mr Fillon`s entourage were unaware that he was pulling out of the event until the last minute.
"It`s like symbolically giving up on your candidacy," said Florian Philippot, close adviser to far-right National Front (FN) candidate Marine Le Pen.
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