Warring developers Stanhope, Westfield and the billionaire Reuben brothers could be kicked off the Stratford City scheme entirely if they fail to settle their differences by today.

London & Continental Railways (LCR), which owns the 73 ha brownfield site, has threatened to terminate its agreement with Stratford City Developments, the firm jointly owned by the three developers, if they cannot decide who will take the scheme forward by close of play this week.

If they fail to do so, LCR will take the project forward itself, probably in conjunction with the Olympic Delivery Authority and other development partners.

However, a source close to one of the developers said a conclusion was unlikely this week because of the Easter break, but that meetings had been planned for next week.

Westfield, which owns 25% of SCD, and the Reubens, who own 50%, were due to take part in a "shoot-out" auction to buy out each other's share and Stanhope's 25% stake last week.

But sources say it has been delayed by wrangling over future legal waivers. At least two of the parties - Westfield and Stanhope - are understood to have demanded immunity to any legal action related to the site once either the Reubens or Westfield takes control.

The auction, organised by investment bank NM Rothschild, was called last month after it became clear that the partners were unable to work together.

The mixed-use scheme, masterplanned by architect Fletcher Priest, is key to the success of the 2012 Olympics as it will house the athletes' village, media centre and key transport links.