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Egyptian President Mohammed Morsi has rejected the army's 48-hour ultimatum to resolve the country's deadly crisis, saying it will only sow confusion, BBC reported. 

President Morsi insists he will continue with his own plans for national reconciliation, a presidential statement said early on Tuesday.

The army has warned it will intervene if the government and its opponents fail to heed "the will of the people."

However, it denies that the ultimatum amounts to a coup.

Meanwhile, Egypt's state news agency Mena reported early on Tuesday that Foreign Minister Mohamed Kamel Amr had submitted his resignation.

If accepted, he would join at least five other ministers who have already reportedly resigned over the political crisis.

On Sunday, millions rallied nationwide, urging the president to step down.

Large protests continued on Monday, and eight people died as activists stormed and ransacked Cairo's Muslim Brotherhood headquarters, to which the president belongs.

President Morsi's opponents accuse him of putting the Brotherhood's interests ahead of the country's as a whole.

He became Egypt's first Islamist president on 30 June 2012, after winning an election considered free and fair following the 2011 revolution that toppled Hosni Mubarak.