Earlier it was reported that Zuma was expected to make an announcement at 10:00 at the Union Buildings.
Alleging he was being victimised, he said, "It was very unfair to me that this (resignation) issue is raised".
If the South African president refuses to co-operate, the matter could go to parliament for a vote on a motion of no confidence.
But with the 2019 general elections looming, the ANC has turned against Zuma and has said that the tumult over the President's scandals was tarnishing the party's name and bringing instability to the country.
The party's new leader, Cyril Ramaphosa has been attempting to get him to stand aside in the weeks since.
Under Zuma, the ANC's popularity has plummeted.
Earlier, the spokesperson of the Hawks, Hangwani Mulaudzi, had confirmed the raid to journalists waiting outside the Gupta home.
In an interview with state broadcaster SABC, Zuma delivered a rambling monologue in which he denied any wrongdoing. The BBC cited local media reports as saying that one of the three Gupta brothers was arrested.
For years, the ANC has put party unity first, even as it became apparent that Zuma was an electoral liability.
Zuma's hold over the ANC was shaken in December when his chosen successor - his former wife Nkosazana Dlamini-Zuma - narrowly lost to Ramaphosa in a vote to be the new party leader.
ANC chief whip Jackson Mthembu clarified that the ANC would seek to amend the Economic Freedom Fighter's motion of no confidence. The Economic Freedom Fighters, the third biggest party, last month proposed the no-confidence motion that's now due to be debated on 22 February, and plans to go to court if it isn't brought forward.
As the Gupta-linked investigation proceeds, Mr Zuma could face corruption charges tied to an arms deal two decades ago.
That should happen, and Zuma and all his cronies should be removed from public offices, forced to pay back what they have looted, and face jail for any crimes.
South Africa's was pitched into political crisis when the ANC admitted on Monday that Mr Zuma had defied its orders to resign, and that it had little idea of when the 75-year-old head of state would respond to its demand to leave office.
"We expect the ZAR to test the R11.80/$ level if the president does resign, but the longer the saga drags on the more hard it will become for the ZAR to gain ground", Cilliers said earlier.