The information was reported by the German publications Sport Bild as well as newspapers Frankfurter Allgemeine Zeitung (FAZ) and Bild-Zeitung.
A spokesman for the Cologne based team also confirmed the news, but contradicted those publications who interpreted the move as Glock, 27, having been "fired".
Rather, he insisted that Toyota's partnership with Glock is not necessarily at an end, but that both sides had been given freedom to assess their options.
"The door is not closed," he added, also insisting that the news has nothing to do with the team's future.
But with Jarno Trulli's future also in the air, the news might be seen as yet more evidence that parent company Toyota Motor Co. intends to pull the plug at the end of the season.
Glock also confirmed the news about his expiring 2010 option. "Now I have to look around," he said, admitting that his podium had been "certainly timely".
Countryman Sebastian Vettel said he was shocked to hear that Toyota was not automatically renewing Glock's deal, but surmised that his Singapore podium had been "the right answer" to give.
Glock added: "I have several possibilities and I am very confident. Let's see what happens this week."