According to the report, Western intelligence sources said Mubarak, 79, collapsed last week before a scheduled visit to Saudi Arabia. Mubarak failed to attend the summit and has since been under close medical supervision.
"His condition is not life-threatening, but he is very weak," an intelligence source told the paper.
Another intelligence source estimated that Mubarak's son Gamal would assume a higher profile over the next few weeks.
The sources said Mubarak has been deemed to weak to travel. They said the president's physicians ruled out a flight to Germany for medical tests this week.
Mubarak already cancelled a number of public appearances last months, on the backdrop of persistent rumors in Egypt that his health condition was deteriorating.
Several independent newspapers recently claimed that his condition had undergone a decline, sparking the rumors. Mubarak, on his part, rushed to give a series of interviews on television, while the newspapers were sued by private elements for spreading rumors.
The Egyptian president claimed that this was an attempt to destabilize his regime.
Several months ago, Mubarak collapsed during a speech he delivered, an incident which contributed to similar rumors at the time. Sources following the issue have said that there were no signs that the Egyptian president's health was deteriorating.