The 94-year-old monarch has ordered the talk with royal aides to discuss new plans, which could see Harry lose his Royal Marines title.
Instead, the title may be given to his older brother Prince William.
The Queen ‘calls an emergency meeting’
According to The Mirror, the meeting will dictate which family members will take over the honorary royal roles currently held by the pair.
The couple have reportedly told friends they are “resigned to losing them”.
It comes as Buckingham Palace are set to bring forward a set of announcements before March 31.
Meanwhile, earlier this month, it was reported Harry, 36, was “upset” at the prospect of losing his military titles.
Harry ‘doesn’t want to lose his titles’
Harry currently holds titles including Captain General of the Royal Marines; Honorary Air Commandant of RAF Honington in Bury St Edmunds; and Commodore-in-Chief, Small Ships and Diving, Royal Naval Command.
Royal expert Kevin O’Sullivan told Talk Radio: “Prince Harry is very upset because he might lose some of his royal military titles.
Prince Harry is very upset because he might lose some of his royal military titles
“He wants to keep hold of them but the Megxit transition period is coming to an end.”
Furthermore, Kevin said: “Harry is coming over here and the Queen wants to inform him that his honorary military titles will be rescinded now that he is effectively AWOL in California. This has made him even more miserable than usual.”
Harry and Meghan set to speak out
Meanwhile, Harry and Meghan, 39, will open up to Oprah in a tell-all interview next month.
The Duke and Duchess of Sussex will sit down with the host to discuss all aspects of their life in the 90-minute chat.
In addition, Oprah’s good friend Gayle King recently claimed she was told “nothing is off limits” in the interview.
Ahead of the upcoming chat, the pair announced they were expecting baby number two on Valentine’s Day (February 14).