The current panel was formed in June but liberals challenged it with more than 40 appeals, citing the fact that some members of the panel have been appointed in government positions.
If the current panel is also dissolved, Morsi holds the power to appoint a new panel replacing it.
In a separate legal dispute, a flamboyant TV presenter who was on trial over accusations he insulted the president on air and suggested it was permissible to kill him was acquitted Tuesday. The court said Morsi did not present any evidence to prove the charges or appear in court to pursue his complaints.
Popular presenter Tawfiq Okasha had denied the charges, saying they were part of a political row between him and the Muslim Brotherhood. Okasha's TV station has been off air since the case was filed against him in August.
Associated Press writer Sarah El Deeb contributed to this report from Cairo.
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