Three CBS News executives who were asked to resign over a story about President Bush's military record have not yet resigned, The New York Observer reported.

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Following last week's release of a report by a blue-ribbon panel, CBS said it had asked news executives Josh Howard, Mary Murphy and Betsy West to resign. "60 Minutes" segment producer Mary Mapes was fired for her role in the airing of a story last September about Bush's National Guard record that relied in part on documents of questionable authenticity.

The Observer said that, as of Wednesday, Howard, Murphy and West had not yet tendered their resignations. The paper said the three have been consulting with lawyers about possible legal action against CBS News.

The paper also said the final report on how CBS came to air the questionable documents contained "gaps," and suggested that "there may be one or more alternate versions of what happened."

Citing sources close to Howard, Murphy and West, the Observer said the three may be facing a choice between settling for a severance package -- or fighting for their professional reputations, at the risk of dragging other top CBS executives further into the controversy.