Will he stay or will he go now?
Even Mr Blair's most loyal supporters concede his unpopularity is so deep that his resignation could actually improve the party's showing, particularly in Scotland which Labour may lose control to the nationalists.
The move could also wrongfoot his opponents and even cushion any political fallout for Gordon Brown if, as expected, there is a rout of Labour in the Chancellor's Scottish backyard.
The eve of poll announcement is being canvassed at a senior level within No 10 to let the Prime Minister regain the political momentum.
Mr Blair is anxious that he will not take the brunt of the blame if the grim opinion polls are borne out.
Gordon Brown is becoming a growing electoral liability to the Labour Party as a YouGov poll for The Daily Telegraph today shows that he is falling even further behind David Cameron.
The poll points to Labour's worst local election performance in two decades, with the party poised to lose hundreds of seats in England and Wales. Labour is also facing a catastrophic loss of power to the nationalists in Scotland, opening up the prospect of a referendum on the end of the Union within four years.
Will Tony go before the election? He thinks Labour's unpopularity is Gordon's fault and doesn't see why he should sacrifice his glorious name to help the miserable old git out, but then if he does resign before then the elections are all about Gordon and so he can reassure himself that the dismal show is a vote on Gordon not himself.
I think his advisers will play the latter to his vanity so he can absolve himself from any responsibility of defeat., but his love of holding onto power is so strong they won't win. It is going to be a close call.