Let $a$ and $m$ be relatively prime positive integers with $a>1$ and $m>2$. Let ${\it\phi}(m)$ be Euler’s totient function. The quotient $E_{m}(a)=(a^{{\it\phi}(m)}-1)/m$ is called the Euler quotient of $m$ with base $a$. By Euler’s theorem, $E_{m}(a)$ is an integer. In this paper, we consider the Diophantine equation $E_{m}(a)=x^{l}$ in integers $x>1,l>1$. We conjecture that this equation has exactly five solutions $(a,m,x,l)$ except for $(l,m)=(2,3),(2,6)$, and show that if the equation has solutions, then $m=p^{s}$ or $m=2p^{s}$ with $p$ an odd prime and $s\geq 1$.