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Alistair McErlaine was taken to a London hospital on Thursday where his wife Shelly is keeping a bedside vigil, according to the Daily Record.
The Glasgow-born, 41-year-old was said to have been in good health and shown no symptoms prior to suffering the brain aneurysm.
Singer Sharleen Spiteri told the paper she was "heartbroken" by the news.
Ms Spiteri said: "Like everyone else, I am desperately hoping Ally will get well and pull through. It is a shock. He is a personal friend and all of us are wishing him well with all our hearts."
A spokesman for the band told the Daily Record: "We heard the news today. It is something we are still coming to terms with. Ally is a great lad and well liked by everyone. He has had a bad one.
"We have been told the next 48 hours are critical."
Formed in Glasgow in 1988, Texas sold more than 1.5 million copies of their 1996 album White On Blonde in the UK.
By 2005 they had amassed 13 top 10 hits including Say What You Want, Summer Son and I Don't Want A Lover.