The '60s-era drama, which incorporates real-life musical and entertainment stars into its "American Bandstand" setting, is averaging 7.5 million viewers this season -- down 1.1 million viewers from last season, according to Nielsen.
And NBC recently cut its original order of episodes this season from 19 to 17 -- never a good sign.
NBC has, however, moved "Dreams" to Wednesdays at 8 p.m. EST beginning March 9, hoping to attract more eyeballs in a viewer-friendly timeslot, while hoping the show won't be steamrolled by ABC's megahit "Lost."
"Dreams" has turned Brittany Snow (Meg Pryor) and Will Estes (JJ Pryor) into teen idols -- and has attracted a bevy of A-list guest stars, including Chris Isaak, Alicia Keys, Jennifer Love Hewitt, LeAnn Rimes and Hilary Duff.
"We are big fans of the show, but it's too soon to say whether it will be back next season," an NBC spokesman said Wednesday.