Airbus added that it was still very confident in the A350 programme and said there were almost 750 planes on the order book ready to enter service.
"The programme of test flights for the A350 is progressing well and is on schedule for certification (by the Aviation Authorities) in the coming months," said Airbus.
However the cancellation of such a big order would seem to be a serious setback for the European manufacturer, based in Toulouse. John Leahy, the boss of Airbus was due to make a statement later on Wednesday.
Emirates is one of Airbus's biggest clients and placed the order for A350s in 2007. The first deliveries were scheduled for 2019.