St George Illawarra Dragons coach Paul McGregor is safe... for now at least.

The Sydney Morning Herald reports that the Dragons emergency board decided on Tuesday that McGregor will continue to coach the club in a move that will undoubtably raise eyebrows.

The club is the last remaining winless team this season, sitting at the bottom of the ladder at 0-4.

The Red V were handed their fourth straight loss to start the season at the hands of Canterbury on Monday night 22-2.

The Dragons board was originally meant to come together next Tuesday but fast tracked the meeting to today in a move that seemingly signalled the end of McGregor's reign.

McGregor himself admitted after the Bulldogs loss his future at the club looked bleak.

"If they make the decision I'll understand it," McGregor said.

"I'll be disappointed obviously but I understand the situation and there's conversations around it every day which doesn't help the team. If that decision is made, I'll wear it. I've certainly got the backing of the players and the staff.

"I'm not scared [of being axed] if that's the word you're looking for. I'm an optimist, but I'm a realist and I know that our team aren’t playing well enough at the moment and I'm the coach of that. I've got confidence in my team. At the moment they've lost a bit in themselves I think so I accept the blame."