Sinn Féin's ruling body is to meet on Saturday to decide if the party should reconsider a plan to hold an ardfheis on power sharing at the end of the month.
Gerry Adams and senior officers of the party met in Dublin today and decided to call a meeting of the party's ardcomhairle to make a decision on the crucial party conference.
Afterwards, the party's chief negotiator, Martin McGuinness, said he was "deeply concerned" that Democratic Unionist Party leader Rev Ian Paisley yesterday said he had not made a commitment on a timetable for devolution.
"I think the DUP need to reflect because if they are now ruling out powersharing by March 26th and the transfer of powers on policing and justice by May 2008.
That is a very serious development," Mr McGuinness said.
The party would remain in close contact with the Irish and British governments, he added.
Taoiseach Bertie Ahern welcomed the move.
"I'm glad that they continue to be engaged on the issue and hopefully they will make the same decision that they made the previous time. It would be unforgivable to lose the opportunity of so much progress that has been made," the Taoiseach said.
Mr Ahern said that with a commitment to support policing from Sinn Féin the concerns of DUP leader Rev Ian Paisley would be removed.
Today's Sinn Féin meeting was arranged after Dr Paisley yesterday contradicted British Prime Minister Tony Blair's claim that the DUP had committed to the timetable devolution pending Sinn Féin support for policing.
Dr Paisley responded to Mr Blair's article in The Irish Timesyesterday by saying his party's position had been misrepresented.
At the end of December, Sinn Féin's ardcomhairle backed a motion from party president Gerry Adams to hold a special ardfheis to consider supporting policing arrangements subject to a positive response from the DUP.
"The Ard Chomhairle motion is predicated upon a commitment by the leadership of the DUP to power sharing in the St Andrews timeframe,
Mr McGuinness said.
Dr Paisley had still not provided clarity on his party's position and therefore "we are all reflecting on whether there's a process or not", he added.
He stressed the ardcomhairle was the ruling body and would ultimately decide on whether the ardfheis should proceed.
There were sign of progress on the transfer of policing powers from Westminster today, Sinn Féin chairman Mitchell McLaughlin said.
Sinn Féin has consistently opposed the involvement of British security service MI5 in policing in the North, and Mr McLaughlin said he hoped that an announcement by Mr Blair tomorrow would "remove that obstacle".
A Downing Street spokesman said Mr Blair is set make a written statement to the House of Commons tomorrow in which he will "set out the distinct and different roles of the Police Service of Northern Ireland and the Security Service and the accountability arrangements for each".
Mr McLaughlin said he understood the announcement would indicate that, "MI5 will have no role whatsoever in policing in Northern Ireland".
Mr McGuinness also expressed the party's condolences to the family of PUP leader David Ervine who died yesterday, describing him as "a very steady voice in favour of people working together".