According to media reports Morsi says he would rather die than bow to a looming army deadline for him to quit.

On the other hand senior Egyptian armed forces commanders meeting on Wednesday also swore to defend Egypt with their lives.

"We swear to God that we will sacrifice our blood for Egypt and its people against all terrorists, extremists and the ignorant," they declared in an oath led by army chief Abdel Fattah al-Sisi.

Amid deadly protests across the nation, the army has given Mr Morsi until 1.00am (AEST) to resign or face the consequences - possibly a military coup.

Crowds of anti-Morsi demonstrators are starting to build again in Tahir Square, celebrating what they assume will be the army's removal of the president. At least 16 people were killed at a pro-Morsi rally in Cairo last night, and there are fears a bloodbath will erupt tonight.

Egyptian president Mohammad Morsi says he would rather die than bow to a looming army deadline for him to quit.

Just two years after a similar display of people power forced out a dictator, protesters are demanding the resignation of the Islamist leader.

They have won the backing of the powerful military, which has given Mr Morsi until 1.00am (AEST) to resign or face the consequences - possibly a military coup. (Agencies)