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
$s\geq 1$.