But an unnamed source at CNN has suggested that the culprit, 60, will not be fired.
They said: "He is one of the biggest faces on the network," and "too valuable of a commodity" to be let go.
The allegedly "well-placed" source suggested Toobin will "probably" be brought back in after the scandal has gone away.
Toobin was suspended by the New Yorker and is taking a leave of absence from CNN after the incident was revealed.
The source added CNN had been "humiliated" by Toobin's flashes. It comes after fellow broadcaster Brian Stelter was slammed on Twitter for calling the public pleasure session an "accident".
He wrote: "Jeffrey Toobin has been sidelined at a pivotal moment in the run-up to the presidential election.
"The reason: He exposed himself during a Zoom call with New Yorker colleagues in what he says was an accident."
But social media users pursued the replies, with one writing: "I've never 'accidentally' masturbated in any situation and I'd guess that goes for 99.99 percent of people.
"What was accidental about it, that he was caught?" one replied to Stelter.
It comes as another insider revealed the network was still spinning from the 60-year-old's past scandals, including knocking up a woman more than 30 years his junior, and this could be the final straw.
Despite the anti-Trump pundit being married to his former Harvard classmate Amy McIntosh since 1986 and having two daughters with her, he reportedly cheated on his wife with lawyer Casey Greenfield.
The lawyer allegedly had a secret affair with the best-selling author for roughly a decade - and their alleged relationship assembled a love child in 2008.
Greenfield made headlines in 2009 after reports insisted she was pregnant, and sources told Toobin supposedly offered her "money if she'd have an abortion."
But Greenfield gave birth to their son, Rory, in 2009 with a DNA test proving Toobin was the father.
But he then supposedly declined to pay child support, resulting in another gossip.
He also allegedly attempted to pay for his lover to have another child later on through a sperm donor.
Toobin has since apologized telling in a statement: "I made an embarrassingly stupid mistake, believing I was off-camera. I apologize to my wife, family, friends and co-workers.”
Toobin added: "I believed I was not visible on Zoom. I thought no one on the Zoom call could see me. I thought I had muted the Zoom video."
The exposed journalist has not posted to Twitter for almost one week and his Conde Nast email has been disabled, according to the report.