At a meeting this afternoon, Ukip's National Executive Committee (NEC) voted unanimously in favour of a motion of no confidence in Mr Bolton's leadership.
Mr Bolton said previously his "romantic" relationship with 25-year-old model Jo Marney was over following an outcry sparked about a series of shocking comments she made.
Unless he resigns, Ukip's members will be balloted on whether he should remain in post.
Bolton said: "If the NEC decides to go down the route of months of further infighting and further negative media scrutiny by deciding to pass a vote of no confidence in me, then I think that the reality is that the party is probably over, now that would be a tragic shame".
"The reputation of Ukip, its members, councillors, supporters and voters has been, and will continue to be, damaged by the recent events surrounding Henry Bolton", she said in a statement.
A statement issued by a party spokesman said: "Having heard a statement from Mr Bolton, the NEC asked a number of questions pertaining to that coverage".
Mr Bolton said a contest to replace him "would be financially nearly unviable for the party".
If Bolton does step down, Ukip will have to elect its fifth leader in 18 months.
It added: "The vote was carried unanimously, with the exception of the leader".
Mr Bolton walked out on wife Mrs Smurova-Bolton 42 and their children for topless model Jo Marney 25 just days before Christmas
Mr Bolton told ITV's Peston On Sunday: 'I don't believe I have done anything wrong.
The NEC result fuelled speculation that Nigel Farage would return to take the helm of the Eurosceptic party.
"He should now resign from Ukip immediately so we can get on with rebuilding the party without further distraction".
'This decision will automatically trigger an emergency general meeting of the party, to allow the membership of Ukip the democratic opportunity to decide to endorse or reject that vote of no confidence'.
'My own personal life, it's a little bit of a mess at the moment. "I need to sort that out, of course".
However, last week Mr Farage shot down rumours that he would make a dramatic return to frontline politics as he insisted he did not want his old job back. Prominent individuals both inside and outside the party have co-operated with left wing media to intentionally destabilize the party during this time and turn the members against me.
In an interview with The Telegraph he did not rule out rekindling his relationship with Marney, insisting that it was significantly more than a "flash in the pan".
"If he forces us to hold an EGM, he will only humiliate himself further".
Ukip chairman Paul Oakden denied financial considerations would prevent a contest, adding that such an election would be funded by leadership candidates.
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